Last June the Intercollegiate Athlete Compensation and Rights Bill was signed into Law in Florida, by the state’s Governor Rick DeSantis. Florida’s move is the latest development of a precedent set by California, but certainly not the last as numerous states have similar bills in the legislative queue. What these laws do is simple: allow college athletes to profit from the use of their name, image, and likeness. Such laws are a direct assault against the so-called NCAA amateurism criterion which prohibits athletes from doing just that.
Money Smart Athlete Blog
The aim of the Money Smart Athlete Blog is to provide athletes worldwide with the tools to become money smart and help them make savvy financial decisions. We created this blog to transmit and share the knowledge we have accumulated as financial and business advisors during the past two decades.
With five states enacting legislation on the use of name, image and likeness rights (NIL) by NCAA student athletes, it is imperative that student athletes start exploring how they can use this groundbreaking legislation, as best as possible.
The battle over athletes’ rights to profit from the use of their image – The Story, The Events and The Aftermath
College sports have been part of the American reality since the late 19th century when the Yale rowing team competed against the Harvard rowing team to what marked the beginning of an era: the era of college sports. Nearly 170 years have passed since then, but one thing remained the same, college athletes have never been able to use their image rights to benefit monetarily, up until recently.
When in 2015 a handful of football players tried to unionise and were rejected by the National Labour Relations Board, Donald Remy, NCAA’s chief legal officer applauded the decision and argued that: “Student-athletes are not employees, and their participation in college sports is voluntary”.
November 2020 Editorial: The Commercialization of the Student Athlete Image and the NCAA Amateurism Criterion
Since its establishment under President Theodore Roosevelt, the National Collegiate Athletic Association (NCAA) has been the administrative and coordinating body of college sports. Virtually unknown to the rest of the world, the NCAA, its policies and intransigence have been a focal source of controversy regarding the image rights of student athletes in the US largely because the NCAA has been at the epicentre of every reaction against the professionalization of college sports.
The European Union (EU) has for years now been designing and implementing laws and policies that aim to prevent the use of the Union’s financial markets for money laundering, a process through which illegally obtained money are put through various transactions and deals that can eventually make the money appear as they were obtained from legitimate sources.
In a previous piece we pointed out the legacies of infamous drug lords such as Pablo Escobar and the Rodriguez brothers in the world of football. It is not necessary, however, to send our imagination in pursuit of Netflix to the depths of South America in order to examine the relationship between criminals—money launderers to be precise— and the sport industry.
In previous editions of the MSA blog, we have addressed corruption in sports, but this month we have decided to narrow it down to a very specific type that we believe deserves special attention. Corruption comes in different forms and can be found on all levels of the sports world on a local, national, institutional and international level.
Money laundering is a hot topic on the global financial and political agenda right now, and the fight against it has become increasingly important in a world where governments are struggling to keep their fiscal balances in check, and reverse the rising incidence of tax evasion, drug trafficking and consumption, and criminality in general.
The exponential financial growth of the sports industry has, unfortunately, brought about an array of opportunities for illicit practices like match fixing, money laundering and human trafficking.
It has been over four years since San Francisco 49ers quarterback Colin Kaepernick refused to stand up for the American national anthem, later explaining that he cannot show pride for the flag of a country that oppresses black people and people of colour.
During these surreal times we live in, social responsibility becomes more than just a mere catchphrase, PR stunt and marketing technique.