A heavyweight in the financial-services industry wants to corner the fast-growing market for new college-sports facilities. Its idea: Help colleges build stadiums, arenas, and practice complexes without borrowing money.
The concept was apparently developed several years ago by a Chicago start-up company called Stadium Capital Associates. Last month Morgan Stanley, which has helped arrange financing for more than $7.5-billion in university projects in the last 18 months, bought a majority interest in the company.
So far no college or professional teams have signed on, but Morgan Stanley officials plan to meet with representatives of the 50 largest college-sports programs in the coming months.
