Cody Campbell, a prominent Texas Tech booster and the founder of The Matador Club, the university’s Name, Image, and Likeness (NIL) collective, made a significant move this week. He sold his oil and natural gas company, Double Eagle, to Diamondback Energy on Tuesday for approximately $4.08 billion in cash and stock, according to reports.
The Matador Club, with Campbell as its primary financial backer, played a key role in assembling Texas Tech’s top-ranked transfer portal class this winter. Diamondback will pay roughly 6.9 million shares and $3 billion in cash, with the deal expected to close on April 1st. Working closely with Texas Tech head coach Joey McGuire and general manager James Blanchard, Campbell helped the Red Raiders build a highly competitive roster. The recruiting class was ranked No. 1 according to On3 and cost a reported $10 million, per ESPN.
Following Texas Tech’s loss to Colorado in November, Campbell, took to X and criticised the officiating: shortly after, when a user told him to “buy us an O-line,” Campbell replied with, “I will.”
Campbell followed through on his intention, securing top talent in the transfer portal, including running back Quinten Joyner from USC, who chose the Red Raiders over Ohio State. They also added receiver Reggie Virgil from Miami, OH, who had 41 catches for 816 yards and nine touchdowns in 2024. Virgil selected Tech over Oklahoma, Florida, and Florida State.
The Matador Club has been at the forefront of NIL since its inception in February 2022. In July 2022, the collective announced it had signed 100 Red Raider football players to a one-year, $25,000 NIL contract. Last offseason, top softball pitcher NiJaree Canady transferred to Texas Tech and also signed a one-year deal, facilitated by The Matador Club, worth nearly $1.2 million, sources told On3.
“We are excited to announce our agreement with Diamondback,” Campbell said in a statement on Tuesday. “We believe our team has built a truly standout asset that further increases Diamondback’s high-quality inventory. It was important to us that we maintain the stewardship of this asset going forward not only with a world-class Midland operator but also a group that shares our core values and understands the importance of community impact in West Texas.”
