Why it Matters
A venture capital firm is now directly lobbying Congress on college sports policy. Smash Capital hired Moran Global Strategies Inc. for its first-ever federal lobbying effort. This signals that private equity sees major financial opportunities in the legislative chaos surrounding college athletics.
By the Numbers
Lobbying spend: This is Smash Capital’s first lobbying registration. No previous lobbying history exists.
Team composition: Two lobbyists assigned:
- James Patrick Moran Jr. – Former Democratic congressman (1991-2015), extensive lobbying background with clients like General Dynamics Corp. and Salesforce.com Inc.
- Charles Thomas McMillen – Former Democratic congressman (1987-1993), former NBA player, new to federal lobbying
Moran Global’s portfolio: The firm focuses heavily on defense and appropriations clients, making sports broadcasting a new practice area.
Broader Context
College sports is undergoing massive disruption following NIL rights legalization in 2021. The traditional NCAA governance model faces serious challenges. Revenue gaps between Power Conference schools and smaller institutions are widening dramatically.
Streaming services are reshaping how fans consume sports content. Traditional broadcast partnerships are being questioned as viewing habits shift.
The Agenda
Smash Capital is targeting two specific areas:
- Sports Broadcasting Act amendments: The 1961 law gives professional leagues antitrust immunity for TV deals. It doesn’t cover college sports currently. Sen. Ted Cruz held a hearing called “Field of Streams: The New Channel Guide for Sports Fans” examining whether the law still serves fans.
- SCORE Act influence: The Student Compensation and Opportunity through Rights and Endorsements Act would create national NIL standards. Rep. Gus Bilirakis supports it for providing clarity. Sen. Maria Cantwell opposes it as “a power grab by the two biggest conferences”.
Competitive Landscape
The college sports lobbying arena is crowded with established players:
- Institutions: The NCAA spent $270,000 in Q1 2025. The Southeastern Conference spent $200,000 in Q4 2024.
- Gaming companies: PrizePicks uses multiple lobbying firms. DraftKings and FanDuel maintain consistent lobbying operations.
- Professional leagues: The NFL has extensive lobbying operations covering antitrust and sports betting.
Smash Capital stands alone as the only pure venture capital firm in this space.
Between The Lines
Congressional activity on college sports is intense. Rep. Michael Baumgartner introduced the Restore College Sports Act to dissolve the NCAA entirely.
The House Judiciary Committee launched an inquiry into sports broadcasting markets. Chairman Jim Jordan requested briefings from leagues.
Sen. Maria Cantwell’s office released a report highlighting growing revenue gaps between conferences. She warns the SCORE Act will widen inequities in college sports.
Other bills like the College Athlete Right to Organize Act and College Athlete Economic Freedom Act are moving through Congress.
The Bottom Line
Private equity is betting big on college sports disruption. Favorable legislation could break up traditional media rights packages and create opportunities for new platforms. The hiring of two former congressmen shows this is a serious, well-funded effort to shape the market’s future.