Cody Campbell, a prominent Texas Tech University alumnus and founder of the Matador Club, has recently sold his oil and natural gas company, Double Eagle, to Diamondback Energy for approximately $4.08 billion in cash and stock. This significant transaction underscores Campbell’s substantial influence in both the energy sector and collegiate athletics
Background on Cody Campbell and Double Eagle
Cody Campbell co-founded Double Eagle in 2015, focusing on the exploration and production of oil and natural gas in the Permian Basin, one of the most prolific energy-producing regions in the United States. Under his leadership, the company experienced substantial growth, leading to its acquisition by Diamondback Energy. The deal, valued at approximately $4.08 billion, comprises $3 billion in cash and 6.9 million shares of Diamondback stock. The transaction is expected to close on April 1, 2025.
The Matador Club and Its Impact
Beyond his business ventures, Campbell is a key figure in collegiate athletics through his involvement with the Matador Club, a Name, Image, and Likeness (NIL) collective established in February 2022. The Matador Club aims to provide financial support to Texas Tech University athletes, ensuring they benefit from their NIL rights. In July 2022, the collective made headlines by signing 100 Texas Tech football players to one-year, $25,000 contracts, marking a significant commitment to supporting student-athletes.
The Matador Club’s approach is distinctive in that it offers equal compensation to all players, regardless of their position or status on the team. This strategy fosters a sense of unity and ensures that every athlete receives support. In exchange for the financial support, players are expected to engage in community service and charitable activities in the Lubbock area, promoting a strong connection between the athletes and the local community.
Recent Developments and Future Prospects
The recent sale of Double Eagle to Diamondback Energy has positioned Campbell to further enhance his philanthropic and business endeavors. While specific plans for the proceeds from the sale have not been publicly disclosed, Campbell’s history of community involvement suggests that he may continue to invest in initiatives that support both the energy sector and collegiate athletics.
The Matador Club’s success has set a precedent for other NIL collectives, demonstrating the potential for alumni and community-driven initiatives to provide substantial support to student-athletes. As NIL regulations continue to evolve, the model established by the Matador Club may serve as a blueprint for other institutions seeking to empower their athletes and strengthen community ties.
Conclusion
Cody Campbell’s recent sale of Double Eagle Energy to Diamondback Energy for $4.08 billion highlights his significant impact in both the energy industry and collegiate athletics. Through his leadership of the Matador Club, Campbell has demonstrated a commitment to supporting student-athletes and fostering community engagement. As the landscape of NIL continues to evolve, Campbell’s initiatives may serve as a model for future endeavors aimed at empowering athletes and strengthening community bonds.