Supporting NIL at UConn

[Windham4th]

Its like investing in Beanie Babies...

 

[king conn]

MyNILPay App is explained in more detail here:

myNILpay maximizing NIL opportunities for athletes | The NIL Deal

-> So what makes myNILpay legal?

According to Chapman, who previously spent the past two decades as the Chief Information Officer at three different financial service companies, the money collected and distributed through myNILpay is legal because of two entities, it includes a quid pro quo and is taxable.

“What we do is we issue the fan a piece of digital art, with the athlete’s name and digital signature on it. That is the quid pro quo,” said Chapman.

While most partnerships and brand deals may include attending a charity event, posting on social media or signing memorabilia, myNILpay operates off the digital art provided to the fans sending money a student-athletes way.

“That piece of digital art is minted in the blockchain and the fair market value of that piece of digital art is whatever the buyer and seller agree on,” said Chapman. “So if I want to send the athlete $50 or $500 or $1,000, and the athlete agrees and the fan agrees, that is the value of that piece of art.”

The other side of legality behind myNILpay is that the platform is a “taxable trackable reportable transaction.” What that means is that fans pay a sales tax and athletes pay an income tax to ensure no one is crossing a line that jeopardizes a student-athletes’ eligibility. <-

Thanks Medic! That makes total sense now...

 

[huskymedic]

 

[huskymedic]

 

[ThatBoyBazz13]

I know we are getting more of these athletes signed. But do we have any insight on what the players have gotten from this collective so far, besides the family shoe launch?

 

[huskymedic]

 

[Waquoit]

I'm still trying to understand this stuff

Me, too. But I'm thinking all this stuff we're seeing now can't hoit.

 

[huskymedic]

NIL Club for UCONN Football Team

This NIL Club is an athlete-operated fan community that financially benefits UCONN Football Team athletes. The club generates income for athletes when supporters subscribe to the club. A monthly commitment of any amount allows fans to become a member of the NIL Club and gain access to exclusive...

nilclub.com

 

[huskymedic]

 

[mymustang]

Great photo. Donovan is so big that you can't even get all of him in the picture. Those guys have a great future which will lead to many Huskie wins

 

[huskymedic]

 

[huskymedic]

 

[huskymedic]

 

[huskymedic]

UConn Football Victory Box

Introducing the brand-new Victory Box for the 2023 UConn Football season! This special offer starts with two base items and for each UConn Football home win, a new item will be added. Box items are exclusive and cannot be purchased online or at the UConn Bookstore. Potential items to be...

give.communityfunded.com

 

[huskymedic]

 

[LBird33]

I hope we get to open one soon

 

[huskymedic]

 

[huskymedic]

 

[huskymedic]

 

[DoctorWho85]

Don't worry guys, I'll win the 1.55 Billion lottery and fund the football team and make sure Mora and all the coaches and assistants get massive pay increases.

 

[huskymedic]

 

[Steve UConn72]

UConn Football Victory Box

Introducing the brand-new Victory Box for the 2023 UConn Football season! This special offer starts with two base items and for each UConn Football home win, a new item will be added. Box items are exclusive and cannot be purchased online or at the UConn Bookstore. Potential items to be...

give.communityfunded.com

Well, this didn't work out so well.

 

[huskymedic]

 

[huskymedic]

 

[huskymedic]

 

[Punkbo]

Work with me here;

Richard Heyman
University of CT grad
Chairman of the Board - RayzeBio

RayzeBio acquired today for $4.1B

I hope he likes football.,,,

 

[Bongo Fury]

Think tax deduction

 

[huskymedic]

 

[gioff2323]

Esler declined to share how much money the Ohio State 1870 Society had arranged for this years incoming players, but he said that the collective’s coffers stretch into the high seven figures, and transfers are compensated at fair market rates. In 2022, Day told a group of local business leaders that it could cost $13 million in endorsement money to keep Ohio State’s roster intact.

 

[UConnRock]

Esler declined to share how much money the Ohio State 1870 Society had arranged for this years incoming players, but he said that the collective’s coffers stretch into the high seven figures, and transfers are compensated at fair market rates. In 2022, Day told a group of local business leaders that it could cost $13 million in endorsement money to keep Ohio State’s roster intact.

The millions of dollars in NIL on a yearly basis just does not seem sustainable except maybe for a few programs. It is a bit of a novelty now, but for rich boosters to continually fund the recruiting of 18-22 year old players who in turn may transfer to the next highest bidder seems like a losing proposition. It used to be thousands of $$ of illicit handouts and maybe a car.