Among them are the cofounder of the Carlyle Group, one of the world’s largest investment firms; the owner of the NFL’s Dallas Cowboys, and a Houston hospitality mogul whose name is flashed on an entire arena. Several powerhouse teams bankrolled by billionaires are favored to advance far in this year’s March Madness tournament. 

Considering the global sports entertainment industry is estimated to be worth more than $3 trillion, it’s no wonder America’s wealthiest are eager to throw money at the nation’s best college athletics programs. 

This year’s March Madness tournament is particularly flush with billionaire money. The Big Ten alone sent six teams to the Sweet 16, meaning the financial stakes for some of the country’s wealthiest athletic boosters have never been higher. This year’s men’s tournament is expected to have more than $270 million in payouts, with each of the 135 available units (games) valued at roughly $2 million, paid out to conferences over six years (that’s about $350,000 per year).

That money flows directly to conferences, not schools. That’s why wealthy alumni and other billionaire boosters step in to fill the gap, pouring hundreds of millions into facilities, NIL deals, and recruiting budgets that tournament checks can’t offer.

Fortune has compiled a sampling of billionaire donors to schools participating in this year’s Sweet 16. Note, this list is not exhaustive.

David Rubenstein is backing Duke

Rubenstein, cofounder of The Carlyle Group, grew up in Baltimore and earned his undergraduate degree from Duke University in 1970, where he has made generous donations over the decades. 

He cofounded The Carlyle Group in 1987 with just $5 million in capital, but grew it to one of the world’s largest private equity firms with $477 billion in assets under management. Rubenstein is worth an estimated $4.2 billion.

Rubenstein has donated more than $60 million to his alma mater, including a $10 million gift to Duke Athletics in 2012. He said he made the donation because of Duke’s “success in so many sports over so many years, [and] because of the program’s commitment to academic achievement and excellence.”

The Carlyle cofounder has made several other multimillion-dollar donations to Duke over the years, including a $20 million scholarship endowment for first-generation students in 2017 and a $25 million gift to support the arts. The billionaire also served on Duke’s board of trustees from 2005 to 2017, including a term as chairman.

Duke, the No. 1 seed in the NCAA Tournament’s East Region, faces St. John’s on Friday at 7:10 p.m. EST on CBS. The Blue Devils are favored to advance.

Jerry Jones credits the University of Arkansas for his success

Jones, the longtime owner of the Dallas Cowboys, has a deep connection to one of this year’s Sweet 16 schools. He’s a University of Arkansas alum and played for the Razorbacks football team in the 1960s before he went on to become a successful oil businessman and the owner of the Dallas Cowboys in 1989. Jones is currently worth an estimated $19.4 billion, with the Cowboys worth approximately $13 billion.

In 2015, Jones donated $10.65 million to Arkansas’ athletic program, which he credited for his success. The gift supported Arkansas’ Student-Athlete Success Center.

“My experiences at the University of Arkansas as a student-athlete under the legendary Coach Frank Broyles helped shape me as a man and guide me on my future career path,” Jones said at the time of the donation. “I would not be where I am today without those life lessons learned as a student-athlete at the University of Arkansas.”

Arkansas faces No. 1 seed Arizona on Thursday at 9:45 p.m. EST on CBS. The Razorbacks are considered a significant underdog, but freshman star Darius Acuff Jr. has made them one of the tournament’s most exciting teams to watch.

Tilman Fertitta supports his hometown

Fertitta is the definition of a hometown billionaire backer. The CEO of Fertitta Entertainment and owner of the NBA’s Houston Rockets, he is Houston’s richest sports owner with an estimated net worth of $11.2 billion—a fortune built on hospitality, gaming, and entertainment through his Landry’s restaurant and hotel empire with more than 600 dining, entertainment, and gaming locations nationwide.

In 2016, Fertitta pledged $20 million to the University of Houston’s athletics program to renovate the school’s on-campus basketball arena. This was the largest individual athletic donation in UH history at the time. Fertitta attended UH, although he left before finishing his degree. But the school awarded him with an honorary doctorate in August. 

“This gift is personal,” Fertitta said when he made the 2016 donation. “It represents a commitment from my family and me to support the University of Houston in its quest to strengthen our nationally competitive institution, both in academics and athletics.”

“Upgrading our athletics facilities shows we are serious about competing at the highest levels of collegiate sports for many years to come,” he continued.

The arena was subsequently renamed Fertitta Center. He made an additional $50 million pledge to UH’s medical school in 2022. 

Houston, the No. 2 seed in the South Region, faces Illinois on Thursday at 10:05 p.m. EST on TBS. The Cougars are favored to win.

Larry Ellison is behind Michigan’s makeover

Ellison cofounded tech giant Oracle and is currently one of the world’s wealthiest individuals with a net worth of nearly $200 billion.

He also reportedly underwrote the richest recruiting flip in college football history. Ellison reportedly helped the University of Michigan fund a name, image, and likeness sports package to poach quarterback recruit Bryce Underwood from Louisiana State University in November 2024. While Ellison didn’t have a prior connection to the Wolverines, his wife, Jolin, is a Michigan alumna.

Michigan, the No. 1 seed in the Midwest Region, faces Alabama on Friday at 7:35 p.m. EST on TBS. The Wolverines, who are favored to win on Friday, have three projected first-round NBA draft picks on their roster.

Daniel Gilbert funds alma mater, Michigan State

Gilbert founded Rock Financial in 1985, which would eventually become mortgage behemoth Rocket Companies. The fintech and homeownership services company has a $40 billion market cap, and Gilbert has an estimated net worth of $29.4 billion. He also owns the NBA’s Cleveland Cavaliers.

Gilbert donated $15 million to his alma mater, Michigan State University, in 2016 for use toward the school’s basketball program. Both he and his wife, Jennifer, attended Michigan State and said that, at the time, the school had “played a large role in both of our lives.”

Michigan State, the No. 3 seed in the East Region, faces UConn on Friday at 9:45 p.m. EST on CBS. UConn is slightly favored to win.

Jimmy Haslam has donated $50 million to University of Tennessee

Haslam is a University of Tennessee alum and the owner of the NFL’s Cleveland Browns, a franchise he purchased in 2012. He and his family built their fortune through Pilot Flying J, the nation’s largest truck-stop chain, which they sold to Berkshire Hathaway in a deal that totaled $13.65 billion over several years. Haslam is worth nearly $10 billion today.

The Haslam family has donated $50 million to the University of Tennessee, one of the largest gifts in school history, supporting academics and athletics at the Knoxville campus. The family’s name adorns Haslam College of Business at UT.

Tennessee, the No. 6 seed in the Midwest Region, faces Iowa State on Friday at 10:10 p.m. EST on TBS. Iowa State is currently favored to win.