PART TWO: What Exactly Is PV3 Enterprises? A Peek Inside the Investment Platform Behind BYU Athletics’ Largest-Ever Commitment and the Potentially Genius, Hidden-in-Plain-Sight, Marketing and Sales Strategy

EXECUTIVE SUMMARY

✅ PV3 Enterprises, the firm behind the largest philanthropic commitment in BYU Athletics history, has evolved from what was publicly described in 2024 as a Mark Hancock-led family investment operation into a broader investment-and-operating platform now publicly identifying both Hancock and Jason Murray as principals.

✅ PV3 Enterprises has assembled a portfolio spanning advanced manufacturing, restaurants, marketing, commercial real estate, golf, and motorsports, with publicly identifiable investments including a reported $20 million acquisition of ENVE Composites and more than $50 million invested into West Desert after taking control of the 511-acre motorsports property earlier this year.

✅ Perhaps the most intriguing component of the new long-term BYU Athletics relationship is a name, image and likeness (NIL) platform involving more than 40 current BYU student-athletes, primarily football players, essentially giving PV3's portfolio companies both star power and marketing scale across BYU's unusually passionate and broad fan base.

SALT LAKE CITY and PROVO, Utah — 15 October 2026 — When BYU Athletics announced last Friday that PV3 Enterprises had made the largest philanthropic commitment in department history, the agreement suddenly placed a relatively little-known Utah investment firm in front of one of college football's most passionate fan bases.

But Salt Lake City-based PV3 Enterprises did not suddenly appear out of nowhere.

As Utah Money Watch documented in Part One of this two-part series, PACS Group (NYSE: PACS) Co-Founders, Mark Hancock and Jason Murray, are the principals behind the new relationship.

The questions, however, for Part Two are different:

1️⃣  What exactly have Hancock and Murray built separate from PACS Group?
2️⃣  And what might their BYU Athletics relationship enable them to build next?

The distinction here is crucial because understanding the new PV3 Enterprises relationship with Brigham Young University and BYU Athletics means realizing that PV3/BYU Athletics did NOT replace the existing PACS Group relationship with BYU Athletics.

Instead, the PACS Group initial public offering and subsequent separation of certain assets created two distinct relationships tied to the same two businessmen.

As BYU Athletics' Associate Athletic Director Casey Stauffer explained this past Monday to Utah Money Watch:

“With the IPO the two entities separated certain assets like the field naming rights. PACS continues to have naming rights to other spaces for example Club 22, the new recruit hosting lounge, and will have the rights to the PACS Premiere Club that will be built for the 2027 season in the northwest corner of the stadium.” {Emphasis added}

In other words, PACS Group remains a major BYU Athletics partner while PV3 Enterprises now controls a separate and potentially broader relationship built around facilities, branding, athlete endorsements, and the PV3 portfolio.

And from a marketing / sales standpoint, such separation makes tons of sense, and not just because they are separate, legal entities.

No, it's not just that; it's also that they almost assuredly have separate goals and objectives as well.

Beyond that, however, when one takes a figurative "step back" to actually consider the possibilities of this relationship, I believe it becomes apparent fairly quickly that Murray and Hancock have pulled off a "hidden-in-plain-sight" marketing and sales coup that is pure genius for PV3.

So What Exactly Is PV3 Enterprises?

Today, PV3 Enterprises describes itself as a hands-on investment firm deploying patient capital and active ownership to build businesses for the long term.

But the descriptions surrounding PV3 have evolved.

Specifically, when PV3 acquired Ogden, Utah-based ENVE Composites from Amer Sports in 2024, the buyer was described publicly as a Utah-based private investment firm, family investment company, and a Mark Hancock-led family-office operation.

Two-and-a-half years later, BYU Athletics explicitly identifies both Hancock and Murray as principals of PV3 Enterprises and describes PV3 as an investment-and-operating company combining long-term capital with hands-on operating expertise.

What Utah Money Watch has not found is a public disclosure establishing their respective ownership percentages, but clearly both men are principals.

Whether they own PV3 equally (or how its underlying equity is divided), that remains undisclosed.

A Portfolio That Increasingly Looks Like an Operating Platform

PV3's current portfolio includes
🟥  83rd Marketplace,
🟥  ENVE Composites,
🟥  ENVE Motorsports,
🟥  Pica Rica BBQ,
🟥  Red 7 Marketing,
🟥  Round Valley Golf Course, and
🟥  Seven Brothers.

Its website also includes the Riziki Foundation, a 501(c)(3) nonprofit that identifies Mark D. Hancock and Jennifer D. Hancock as trustees, but reported $0 in revenue, expenses, total assets, and net assets on its 2024 Form 990-PF filed with the U.S. Internal Revenue Service, the most recently available filing.

Then there is West Desert.

The former Utah Motorsports campus near Grantsville, Utah does not currently appear on PV3's primary portfolio webpage, but BYU Athletics expressly identified West Desert as one of the PV3 businesses expected to participate in the new athlete-endorsement platform.

Taken together, PV3's operating interests span
🟠 Advanced manufacturing,
🟠 Cycling enthusiast products,
🟠 Restaurants,
🟠 Marketing,
🟠 Commercial real estate,
🟠 Recreation,
🟠 Professional racing, and
🟠 Motorsports.

Different businesses, clearly, but with connective tissue.

ENVE and West Desert Reveal More of the Strategy

Amer Sports announced that it had sold ENVE Composites on 1 May 2024 for an amount not disclosed at the time, but Forbes now reports the purchase price was $20 million.

While that transaction returned the Ogden manufacturer to Utah ownership, PV3's subsequent moves suggest the investment was about more than owning a premium bicycle brand.

Specifically, the PV3 portfolio now includes ENVE Motorsports, a racing operation focused on driver development and competition.

Then came West Desert.

Earlier this year, PV3 Enterprises acquired the former Utah Motorsports campus, the 511-acre Tooele County property originally developed by the Larry H. Miller family as Miller Motorsports Park.

Since taking control, PV3 has invested more than $50 million in additional monies into the complex, with additional investment yet planned.

Viewed separately, ENVE Composites, ENVE Motorsports, and West Desert are three investments.

Viewed together, however, they begin to resemble an ecosystem involving advanced materials, engineering, performance testing, racing, driver development, events, and real estate.

Perhaps Red 7 Marketing Reveals Something Else About PV3's Model

Curiously, Red 7 Marketing may actually reveal greater insights, as it's described as a full-scale branding partner supporting both PV3's internal companies and outside clients.

Such direction gives PV3 something beyond a collection of businesses requiring marketing.

Instead, Red 7 is an internal capability that can potentially support those businesses, plus drive visibility and revenue. And there is a notable Utah precedent.

In 1995 Larry H. Miller Company created LHM Advertising to handle its expanding marketing and media requirements, later renaming the agency Saxton Horne Communications.

As LHM accumulated or launched operating businesses, Saxton Horne became the internal marketing capability capable of serving those companies across the LHM portfolio.

In other words, PV3's ownership of Red 7 Marketing raises the possibility of a similar model, especially now that PV3 has entered into a long-term relationship involving more than 40 BYU student-athletes.

How Much Money Has PV3 Put to Work?

At least two substantial figures can be identified publicly when it comes to the question of understanding how much capital has PV3 deployed thus far, as
🟣 The ENVE Composites acquisition was reported at $20 million, and
🟣 PV3 says it has invested over $50 million into West Desert since taking control of the business earlier this year.

Those figures alone identify $70+ million associated with just two PV3 investments.

But $70 million is a floor, not a total, and it excludes whatever PV3 has invested in
▪️ 83rd Marketplace,
▪️ ENVE Motorsports,
▪️ Pica Rica BBQ,
▪️ Red 7 Marketing,
▪️ Round Valley Golf Course, and
▪️ Seven Brothers,
let alone other activities for which complete financial information is not public.

Nor do we know if PV3 acquired those firms outright, or gained majority control or a minority stake when it invested in them. (And, in the case of Red 7, it's not clear if it was funded from the ground-up or part of an investment/acquisition strategy.)

We also do not know the value of PV3's financial ties with BYU Athletics which has been termed its "largest philanthropic commitment" ever, without assigning a dollar value.

That lack of disclosure is not unique, per se.

For example, in July 2026 BYU Athletics announced a multi-year agreement with Entrata, making the Lehi, Utah-based property-management software company the first program-specific jersey-patch sponsor in BYU Football history.

Financial terms were not disclosed at the time, nor have they been disclosed since.

And Entrata's pending initial public offering registration remains active, and its 1 September Form S-1/A reports 2025 revenue of $509.3 million but does not disclose the monetary value of the BYU sponsorship.

And Then There Is the PACS Question

As Part One documented, Hancock and Murray have generated more than $725 million in combined gross proceeds from sales of personally owned PACS Group stock since the company went public in April 2024.

That creates extraordinary financial capacity, but it does not establish where PV3's capital came from.

Specifically, Utah Money Watch has not found a public filing tying any particular Hancock or Murray PACS Group stock sale to the
🟢  ENVE acquisition,
🟢  West Desert investment,
🟢  Another PV3 transaction, or
🟢  The new BYU Athletics relationship.

And although not likely well known, PV3 Enterprises existed before PACS Group became publicly traded.

In fact, the evidence does not support a simplistic narrative that Hancock and Murray took PACS Group public, cashed out, and then created PV3. In fact, PV3 was already operating.

What changed after the IPO was the extraordinary amount of publicly visible liquidity associated with the two men now identified as its principals.

And the Potentially "Genius Move?" Turning 40+ BYU Athletes Into a Portfolio-Wide Marketing Platform

Perhaps the least appreciated component of the long-term relationship involves neither PV3 Field nor the facilities investment. No ...

It may be the BYU athletes themselves.

The relationship between PV3 and BYU Athletics includes NIL agreements with more than 40 current BYU student-athletes, with BYU Athletics saying the program will primarily connect football players with endorsement opportunities across PV3 businesses.

Neither BYU Athletics nor PV3 Enterprises has publicly identified those athletes.

So there is no basis today to say whether any particular BYU star is participating.

But consider, purely for illustration's sake, the current inventory of marketable BYU athletes:
🔷  Quarterback, true sophomore, Bear Bachmeier;
🔷  Reigning Big 12 Offensive Player of the Year, BYU Football senior, LJ Martin;
🔷  Football standouts, and cousins, true freshman, Legend Glasker and senior, Isaiah Glasker;
🔷  Men's basketball star, junior Robert Wright III;
🔷  All-American freshman golfer, Kihei Akina, and/or
🔷  National-champion distance runner, Jane Hedengren, another true freshman.

None has been publicly identified as an NIL participant with PV3.

Yet even if all hypothetically occupied seven of the 40-plus NIL slots with PV3, more than 33 athlete relationships would remain.

That gives PV3 Enterprises something unusual:

Star BYU athletes. And scale.

And because the broader PV3/BYU relationship is expressly long-term, there is potentially a third element: Renewal.

If the NIL component continues within the broader relationship, the athlete inventory could refresh over time as current players graduate, enter professional sports, transfer, or exhaust their eligibility, and new BYU stars emerge.

To be clear, such a possibility is not guaranteed by anything publicly disclosed.

But it dramatically changes how the 40-plus number should be viewed through an NIL lens.

Namely, BYU's current athletes (on the gridiron or not) may represent the first cohort within something much more durable.

A Potentially Renewable Marketing Engine for PV3 and its Portfolio Companies

So if you come at this from a marketing or sales perspective,
⚫️ A marquee football player can generate broad awareness;
⚫️ An endurance runner can reach performance and fitness audiences; while
⚫️ A golfer like Akina illustrates potential access to America's commercially valuable golf market, with its ties to possible cross-promotional, sponsorship, and/or advertising deals for reaching affluent consumers via tie-ups with

• Equipment,
• Travel,
• Hospitality,
• Finance, and
• Recreation

companies.

Naturally, I'm just speculating here. But the strategic opportunities are quite vast.

In the BYU Athletics / PV3 announcement, the language used plainly states:

"The new NIL platform will primarily connect BYU football student-athletes with meaningful endorsement opportunities across PV3’s growing portfolio of businesses ..."

That statement brings Red 7 back into focus.

If Red 7 ultimately helps activate those relationships (something neither PV3 nor BYU has publicly said it will do), PV3 could potentially have all three pieces:
🔹 The portfolio businesses,
🔹 The athlete relationships, and
🔹 An internal marketing capability.

And BYU's audience does not stop at the Utah border.

BYU Football competes nationally in the Big 12 Conference, appears regularly on national television, and draws support from alumni and fans far beyond the Wasatch Front.

That matters because different PV3 companies can use the platform as makes the most sense for them, with the NIL dollars adjusted accordingly. For example,
✅  A restaurant may primarily target customers near its locations;
✅  ENVE Composites sells nationally and internationally;
✅  ENVE Motorsports, a USF2000 Championship team, targets race fans;
✅  West Desert wants to attract motorsports participants and spectators from outside Utah; and
✅  Round Valley Golf Course operates in a sport with a national, commercially valuable audience.

And who knows what, how, or if/where any future consumer-facing PV3 portfolio companies might plug into the same infrastructure, especially in light of possible NIL deals.

The Poppa P Perspective on the PV3 / BYU Deal

From a Poppa P, BYU alum, and BYU sports fanatic perspective, this is what I see:

Two very smart Utah billionaires, both apparent BYU fans (or more specifically, fans of BYU Football), have made a savvy move to support BYU Athletics broadly and BYU Football specifically.

And, so there is no question about this, I am not
✅  A tax professional, nor
✅  A Certified Public Accountant, nor
✅  A Certified Financial Planner, nor
✅  A Registered Investment Advisor.

But from my viewpoint, I suspect there are tax benefits from this PV3 relationship with BYU Athletics and BYU Football, potentially significant ones.

{AUTHOR'S NOTE: As your circumstances warrant, please seek financial advice/counsel from the right professionals.}

However, from a marketing, publicity, and sales perspective (a perspective where I have over 40 years of award-winning and revenue-generating and investment-procurement success), there is zero doubt in my mind that this tie-up with BYU Athletics / BYU Football can turn into gold for PV3 Enterprises and its portfolio companies ... if they plan and execute it properly.

Will such endeavors be easy? They rarely are.

But the opportunity? No question, that's clearly there for both the taking and the winning.

So ... we shall see what happens in the coming weeks and months.

For now, however, this BYU fanatic is looking forward to a certain kickoff at 5:30pm MT this Saturday evening.

On PV3 Field no less!!!

Should be fun.

P.S. If the financial side of the NIL deals can be worked out, I would lock-down all seven of the BYU Athletes named above. Now!!! Just sayin'.

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