(Photo credit: William Purnell-Imagn Images)

Multiple Big 12 schools have already declined the line of credit being extended by the conference to its member institutions thanks to its newly established private equity partnerships, Front Office Sports reported Thursday.

The deal with RedBird Capital Partners and Weatherford Capital, approved in late April by the conference's university presidents, would offer schools up to $30 million in credit that would be paid back through the conference withholding a portion of the school's annual revenue distribution from the Big 12.

The firms were prepared to offer up as much as $500 million if all schools opted in, but Texas Tech, Iowa State and Colorado all have informed FOS that they don't intend to opt into the private equity deal. Additionally, TCU, Cincinnati, Baylor, West Virginia, UCF and Houston informed local media they don't intend to take the credit, nor does Kansas State.

Per the terms of the deal, schools have one year to opt in. But a statement from RedBird Capital Partners to FOS made it clear that won't be the only time the deal is offered.

'This partnership is much bigger than just capital to schools -- it's a commercial partnership where RedBird and Weatherford are delivering commercial revenue to the Big 12,' RedBird Capital Partners said in a statement to FOS. 'We are playing the long game where schools have one year to opt in for when the landscape becomes clearer for the ecosystem and individual needs. It's not intended to be a one-time offer, it's a long-term feature of a broader agreement for the Big 12 and their member schools.'

This is the first private equity deal to be reached at the conference level in college athletics, but not the first attempt. The Big Ten nearly reached an investment deal with UC Investments, the University of California system's pension fund, last year, but the deal wasn't finalized after multiple conference schools spoke out against it.

--Field Level Media