Former Penn State Trustee, Previously Involved in Legal Action to Unveil Elevate Agreement, Maintains Ongoing 'Reservations'
Penn State University and Elevate Sports Ventures announced an expanded partnership last August, with the aim of generating significant revenue for the university's athletic department. The agreement, which is expected to last at least a decade, is a crucial component of Penn State's $700 million stadium renovation, set for completion in 2027.
However, the details of the agreement have remained shrouded in secrecy, with board member Barry Fenchak expressing concerns about institutional secrecy and the partnership's financial architecture being hidden from public view. Fenchak filed a lawsuit against the university after being denied access to financial records related to the partnership.
In February, a resolution on the document disclosure part of the lawsuit was filed by Penn State and Fenchak. After months of litigation, the university provided Fenchak with the agreement earlier this year.
Elevate Sports Ventures, a consulting firm and investment partner involved in sports and entertainment sectors, has partnered with over 70 Division I athletic departments on various advisory services. The firm has handled partnership revenue strategy, sponsorships, and sales operations for organizations like Harris Blitzer Sports & Entertainment and Sacramento Republic FC.
Despite the partnership's importance to Penn State's athletic department, no financial disclosure or explanation for the nature of such a partnership has been made publicly available. The university's unusual legal classification as a state-supported rather than state-owned institution exempts it from Pennsylvania's "Right-to-Know" law, limiting the public disclosure of financial information.
Jay Paterno, the son of former Penn State football coach Joe Paterno, called the decision to remove Fenchak from the board "chilling." Fenchak was permanently removed from the board via a resolution, by a 30-4 vote, last month, two weeks before his three-year term was due to expire.
Fenchak filed a new lawsuit in April, challenging the board's amended bylaws and the nominating committee's ruling. He argued that reviewing the Elevate contract fell squarely within his fiduciary responsibilities.
Despite extensive searches, no specific details about the expanded partnership between Penn State University and Elevate Sports Ventures, nor the reasons behind Fenchak's denied access to the agreement information, could be found. Additional sources or direct official statements from Penn State University or Elevate Sports Ventures would be required to accurately answer these queries.
- People, education-and-self-development, and finance intersect in the case of Barry Fenchak, a board member at Penn State University, who filed a lawsuit against the university due to his concerns about institutional secrecy and the financial architecture of the university's partnership with Elevate Sports Ventures, a sports business firm.
- Technology plays a significant role in the sports business world, as seen with Elevate Sports Ventures, a firm that partners with over 70 Division I athletic departments, providing advisory services such as partnership revenue strategy, sponsorships, and sales operations for notable organizations like Harris Blitzer Sports & Entertainment and Sacramento Republic FC.
- Despite its importance to sports and finance, the nature and financial details of the expanded partnership between Penn State University and Elevate Sports Ventures remain shrouded in secrecy, with the university's unusual legal classification and accompanying exemptions from Pennsylvania's "Right-to-Know" law limiting the public disclosure of this information.
