UNC looks to Saudi Arabia for cash amid rising costs in college football
North Carolina football is once again making headlines, but this time it’s not about Bill Belichick or his girlfriend, Jordon Hudson. The focus has shifted to general manager Mike Lombardi and his August visit to Saudi Arabia.
University officials have confirmed a report by journalist Pablo Torre, stating that Lombardi made a “preseason exploratory fundraising trip to Saudi Arabia” two weeks before the season opener. Statements from the university’s communications department to multiple media outlets said the visit was “at the invite of the hosts and funded by the hosts.”
Dean Stoyer, North Carolina’s vice president of communications, told The News & Observer in Raleigh that the trip was arranged by a Saudi national who is a college football fan and is interested in supporting Belichick. Stoyer said Lombardi did not meet with officials from Saudi Arabia’s Public Investment Fund, nor did the fund invest in UNC.
Why is Saudi Arabia investing in sports?
The Public Investment Fund, worth nearly $1 trillion, has poured billions into sports leagues and events, including LIV Golf, UFC fights, Premier League soccer and motorsports. The initiative has been criticized by some as “sportswashing” to improve the country’s image, that’s suffered under allegations of human rights abuses.
Lombardi’s fundraising trip comes as college athletic programs seek new revenue to offset the costs of revenue sharing with players, rising coaching salaries and debt incurred from stadium and facility improvements.
The Big Ten Conference is currently debating a $2 billion private equity investment. Boise State University is also actively considering a private-equity investment in the athletic department.
Why is UNC football looking for new investments?
UNC’s costs increased across the board when Belichick signed a five-year, $50 million deal to become the head coach. The school has committed an additional $16.3 million to his coaching and support staff and is providing $13 million in revenue sharing to the football program for the 2025 season.
Lombardi joined Belichick in December 2024 and is the highest-paid general manager in college football, signing a three-year contract worth $4.5 million.
Belichick’s first season as head coach has not gone according to plan. The Tar Heels have a 2-3 record and have yet to beat a team from a Power Four conference. The rough start on the field, along with a parade of distractions and headlines involving Belichick and Hudson, led to reports and speculation last week that the coach was thinking of leaving in the middle of his first season. He denied those reports on Tuesday.
“Right off the bat, just some of the reports out last week about my looking for a buyout and trying to leave here and all that,” Belichick said. “It’s categorically false. There’s zero truth to any of that. Glad I’m here. We’re working towards our goals and the process.”
The Tar Heels visit Berkeley, California, on Friday night for a conference matchup with the Cal Bears.
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Ella Rae Greene, Editor In Chief
