You have to make a clear pitch with a clear strategy and tactical plan. The investment isn't pure athletic as it historically has been, in the new paradigm that universities have been thrown into, an investment in the Athletic Department has a direct and immediate impact on the broader university system.
For example, if you want to raise $10M to be highly competitive, you need to find one big donor that will be put up 20%. Then you pull together a list of the alumni base that you believe could invest $0.25M-$1.0M/year as your target base. Then you use the anchor investor to help sell the vision and opportunity to rest. This is a tried and true method of clubbing together deals with HNW individuals. You would be amazed the impact a billionaire has on multi-milrinones. They invest all along side for several reasons 1) so that they don't look poor to the peers, 2) to feel like they are a mover and shaker to their network, 3) build some sort of relationship with billionaire (real or perceived) for future business opportunities. Then you try to cobble as many small checks together as possible to support the broader investment, which becomes easier due knowing that their donations are acting as added kerosene on a larger fire rather than just kindling to try to stay warm.
We don't have much more time to get this wrong before we become Kansas except we won't have a basketball program to take pride in.