Saudi Arabia hosted UNC’s Lombardi on preseason fundraising trip

North Carolina football general manager Michael Lombardi visited Saudi Arabia on a fundraising trip before the Tar Heels’ season kicked off in September.

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Dean Stoyer, the university’s new vice chancellor for communications, confirmed to WRAL the trip, calling it “exploratory,” and said it was at the invitation of the Saudi hosts and it was funded by them. 

Stoyer said the trip was arranged by a Saudi national who is a college football fan and is interested in supporting football coach Bill Belichick. Stoyer said Lombardi didn’t meet with officials from the kingdom’s Public Investment Fund nor did the wealthy fund invest in UNC.

Belichick, who was hired in December, brought Lombardi with him to Chapel Hill. Lombardi is responsible for negotiating contracts with players and managing the team’s roster through recruiting and the transfer portal. Lombardi has a three-year contract worth $4.5 million, making him the highest-paid general manager in college football.

Saudi Arabia, through its Public Investment Fund worth nearly $1 trillion, has invested heavily in sports, including LIV Golf, a rival to the PGA Tour that has lured some of the top golfers in the world with huge salaries. The country has hosted WWE events and attracted soccer stars, including Cristiano Ronaldo, to play for teams in its domestic league.

The soaring costs of college athletics, including revenue sharing of more than $20 million annually with athletes, has led universities to explore non-traditional avenues for additional revenue, including private equity.

UNC has invested heavily in football in recent years, but significantly boosted that with the hiring of Belichick, who signed a five-year, $50-million deal. UNC committed another $16.3 million to his coaching and support staff and is providing $13 million in revenue sharing to the football program. 

Pablo Torre, whose podcast is hosted by The Athletic, first reported that Lombardi made the trip in August. Torre said Lombardi was accompanied by assistant general manager Lance Thompson.