Texas Tech, the most powerful college football team in the United States, is trying to buy the top-selling electric car maker Tesla Motors.
The Texas Tech athletic department said Tuesday it is exploring options to acquire Tesla stock as part of a $1.6 billion investment that will bring together tech and the auto industry.
The school, known for producing world-class football and basketball players, will spend about $4 billion to buy into Tesla, according to the school’s statement.
Tesla is a technology company that makes vehicles with an internal combustion engine.
The announcement comes a month after the school announced plans to purchase Tesla’s stock as a $300 million investment in the Palo Alto, California, company that is building a factory that will produce electric vehicles.
The purchase would represent a significant boost for the Texas Tech program as the school prepares to move forward with its bid to host the 2024 Summer Olympics.
The university also plans to use the investment to improve the school environment for students, athletic staff and faculty, the statement said.
Texas Tech, which is ranked No. 1 in the country by the Associated Press, will use the funds to hire 50 additional faculty and staff and to invest in academic programs, athletics and community initiatives, the school said.
Tesla has been struggling with rising costs as it seeks to expand its product lineup and expand its global reach.
It recently introduced a new Model 3 sedan that will cost between $35,000 and $50,000 more than the Model S sedan, which has been sold for about $85,000 to $100,000.