SALT LAKE CITY — The University of Utah has announced a plan to help the athletic department generate new revenue streams, in part through a first-of-its-kind partnership with a private equity firm.

The school announced Tuesday the formation of Utah Brands & Entertainment LLC, which will be owned by the university's foundation. It's being touted as a way to built the school's brand and enhance the athletic programs. The new company could generate around $500 million in capital, according to Yahoo Sports.

In a joint message, school president Taylor Randall and athletic director Mark Harlan spelled out the groundwork, saying the university will transfer some of its revenue-generating operations from athletics and auxiliary services to Utah Brands & Entertainment.

Through the new entity, t

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