Editor’s Note: This article was updated Nov. 20 at 10:40 p.m. to add Michigan’s official stance on the deal and comment from a spokesperson from the Chair of the Big Ten Council of Presidents and Chancellors.

University of California Investments paused its efforts to invest $2.4 billion in a proposed Big Ten media rights deal, stating Monday that it would wait for “unity” among conference schools before moving forward after USC and Michigan opposed the deal. 

Should the deal go through, UC Investments would own 10% of the newly-created Big Ten Enterprises, a proposed holding company that would control the conference’s media rights and sponsorship deals. The investment would reportedly infuse hundreds of millions of dollars into each member school, though unevenly, and extend the conference’s grant of rights until 2046.

Before the UC Investments statement, the Big Ten had signaled it would move forward with the deal whether USC and Michigan got on board or not, sources told Yahoo Sports; however, the investment group’s current position signals that it may be unwilling to come aboard without the two big-name schools.

“As we have continued to evaluate this opportunity over the past five months, we remain convinced that the unity of the 18 Big Ten university members is key to the success of Big Ten Enterprises,” UC Investments wrote in a statement signed by Chief Investment Officer Jagdeep Singh Bachher. “UC Investments likewise requires some additional time to complete our due diligence as recent developments unfold.”

USC Athletic Director Jennifer Cohen wrote Friday that USC will continue to “thoroughly evaluate” the deal in her November State of Troy update. Yahoo Sports previously reported that the Trojans were hesitant to support the deal due to the cash infusion not solving long-term funding problems, as well as the proposal reportedly giving Ohio State, Michigan and Penn State a bigger share of conference revenue.

“We greatly value our membership in the Big Ten Conference and understand and respect the larger landscape, but we also recognize the power of the USC brand is far-reaching, deeply engaging, and incredibly valuable, and we will always fight first for what’s best for USC,” Cohen wrote.

The University of Michigan Board of Regents publicly opposed the deal Thursday, though board chair Mark Bernstein said the university remained committed to the Big Ten, according to The Associated Press. Bernstein previously claimed Big Ten Commissioner Tony Petitti threatened to penalize Michigan if it didn’t get on board with the deal.

“Nobody pushes around the University of Michigan — ever,” Bernstein said, according to AP.

In response, Chair of the Big Ten Council of Presidents and Chancellors Darryll Pines, who is also president of the University of Maryland, said Michigan was included in the negotiation process, which he called “collaborative, fair and thorough,” according to AP.

“Any other characterization of the work of the COPC and the conference office is inaccurate,” Pines said, according to AP.

In an interview with SiriusXM radio Monday, Michigan Regent Jordan Acker said the school found it difficult to sign onto a grant of rights for 21 years. Acker said if the Big Ten moved forward with the deal without Michigan approval, the Wolverines would likely leave the conference, bringing up going independent for football similar to Notre Dame.

UC Investments wrote in Monday’s statement that it joined a two-year negotiation process in July and had become “comfortable with the level of risk” it would take on with the deal should all the member schools agree. The statement also read that the organization was interested in staying invested in the Big Ten for “at least 100 years.”

The investment group praised Petitti’s leadership and called the negotiation process “rigorous, honest, and fair” in the statement, though it criticized speculation surrounding the deal as misleading.

“Misinformation has distorted some aspects of its effort,” the statement read. “UC Investments will work closely with the Big Ten in the coming months to allow all its members to evaluate the benefits of our potential investment in Big Ten Enterprises.”