The bill aims to prohibit certain agreements between public institutions of higher education and private equity firms or sovereign wealth funds concerning intercollegiate athletics. It emphasizes that these institutions, funded by taxpayers, have a responsibility to manage their athletic programs for public benefit rather than private gain. The legislation identifies specific types of agreements that are not permitted, including those that transfer ownership or control rights over athletic programs to private entities, and establishes conditions under which allowable agreements, such as fee-for-service contracts and charitable contributions, can be made.

Additionally, the bill amends RCW 28B.10.703 to include new provisions that require institutions to ensure compliance with these restrictions and mandates annual reporting to the legislature regarding any agreements made. It also defines key terms related to control rights and intercollegiate athletics programs, and sets a timeline for existing agreements to be brought into compliance within 24 months of the bill's effective date. The legislation includes a clause that allows for the inoperability of conflicting provisions if they interfere with federal funding requirements.

Statutes affected:
Original bill: 28B.10.703