Cody Campbell, a major Texas Tech booster, sold his oil and natural gas company Double Eagle to Diamondback Energy on Tuesday for approximately $4.08 billion in cash and stock. The founder of Texas Tech’s NIL collective The Matador Club, Campbell was the main financial source for the Red Raiders’ top-ranked transfer portal class this winter.
Campbell is the co-founder and CEO of Double Eagle along with John A. Sellers. Diamondback will pay roughly 6.9 million shares and $3 billion in cash. It expects the deal to close on April 1.
Working with Texas Tech head coach Joey McGuire and general manager James Blanchard, Campbell helped piece together the No. 1 portal class according to On3. The price tag came out to a reported $10 million, per ESPN.
Following Texas Tech’s loss 41-27 loss to Colorado in early November, Campbell wrote on X that there was “awful officiating” in the game. A user commented below, telling the billionaire to “buy us an O-line.”
Campbell replied, saying, “I will.” The Texas Tech booster followed through with his process, putting together the top class in the portal. That was highlighted by running back Quinten Joyner (USC), who picked the Red Raiders over Ohio State. They also added receiver Reggie Virgil (Miami, OH), who had 41 catches for 816 yards and nine touchdowns in 2024. Virgil chose Tech over Oklahoma, Florida and Florida State.
The Matador Club has been at the forefront of NIL since it was launched in February 2022. In July 2022, the NIL collective announced it had signed 100 Red Raider football players to a one-year $25,000 NIL contract.
The top softball pitcher in the nation last season, NiJaree Canady, transferred to Texas Tech last offseason. She signed a one-year deal with The Matador Club that is nearly $1.2 million, sources told On3 last summer.
“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.”
