Phoenix and its owner, Apollo Global Management, would have a chance to negotiate with other would-be sellers, or pursue an initial public offering.
The U of I would immediately receive $5 million for agreeing to an extension.
The U of I could also receive additional “breakup” fees if the purchase falls through. If the June 2025 deadline comes and goes without a sale, the U of I would receive another $5 million. If Apollo finds another buyer or pursues an IPO, the breakup fees would total $15 million.
https://idahocapitalsun.com/2024/06/27/idaho-state-board-of-education-to-consider-extension-in-u-of-i-phoenix-negotiations/