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Utah's public colleges and universities would be prohibited from entering into, renewing, or significantly changing agreements with private capital firms — such as private equity firms, hedge funds, or investment partnerships — involving their intercollegiate athletics programs unless the full Legislature first approves the deal through a joint resolution. These restricted agreements include arrangements that give a private firm an ownership stake, a share of athletics revenue, or control rights over how a program is run, such as the power to influence governance, appoint or remove decision-makers, or approve budgets and strategic plans; standard fee-for-service contracts, sponsorships, advertising deals, charitable gifts, and traditional debt financing would still be allowed without legislative sign-off. Universities would also be required to give the state auditor full financial records for their athletics programs upon request, and the Utah Board of Higher Education would be given authority to write rules to enforce these new restrictions. In practice, this means schools like the University of Utah or Utah State University could not partner with outside investors seeking a financial stake or operational control in their athletic programs without explicit legislative approval.