Cody Campbell, a major booster for Texas Tech University and founder of the school’s NIL collective, The Matador Club, finalized the sale of his oil and natural gas company, Double Eagle, to Diamondback Energy on Tuesday. The deal is valued at approximately $4.08 billion in a combination of cash and stock.
Campbell’s financial backing was instrumental in assembling the Red Raiders’ top-ranked transfer portal class this past winter. Diamondback will provide roughly 6.9 million shares and $3 billion in cash as part of the acquisition; the transaction is expected to conclude on April 1st.
Working in collaboration with Texas Tech head coach Joey McGuire and general manager James Blanchard, Campbell played a key role in constructing the No. 1-ranked portal class, according to On3. The total cost of the endeavor was reportedly $10 million, per ESPN.
Following Texas Tech’s 41-27 loss to Colorado in early November, Campbell commented on X, formerly Twitter, that the game featured “awful officiating.” A user subsequently suggested that the billionaire “buy us an O-line.” Campbell responded, indicating his intent to do so, and ultimately delivered on that promise by assembling the top-ranked portal class.
Key additions to the team include running back Quinten Joyner, transferred from USC, who chose Texas Tech over Ohio State. The team also gained receiver Reggie Virgil, formerly with Miami, OH, who recorded 41 receptions for 816 yards and nine touchdowns in 2024. Virgil selected Tech over competing offers from Oklahoma, Florida, and Florida State.
The Matador Club has been a significant player in the Name, Image, and Likeness (NIL) landscape since its launch in February 2022. In July 2022, the collective announced that it had signed 100 Red Raider football players to one-year NIL contracts valued at $25,000 each. Last offseason, Texas Tech secured a transfer from NiJaree Canady, the nation’s top softball pitcher. She signed a one-year deal with The Matador Club reportedly worth nearly $1.2 million, as reported by sources to On3 last summer.
“We are excited to announce our agreement with Diamondback,” Campbell stated 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.”
