Nijel Pack to Miami

[NSHCane]

Let Ruiz be as loud as he wants to be. I'm just happy that he supports multiple sports instead of just football. I've wanted Canes Hoops to be a perennial powerhouse so badly, and I feel like yesterday put us on that path. Now, let's just hope Deng Gak leaves, and Norchad Omier takes that scholarship.

 

[Fluffhead]

My biggest concern is how long it'll be before the well dries up. Ruiz can't keep dropping $400k a year on single players, can he? It's gonna add up quick, and like, I still have no idea what LifeWallet even is or does.

Let me put some numbers into context. Soccer owners do have the asset of the team, but a lot of these guys are financially doping through sponsorships by companies they own. Chelsea was one of the most egregious with this. Their net spend in the last 10 years was $413m with Abramovich in charge, ****nal was $580m and Man United was over $1bn. Their owners, respectively, are worth $8b, $10.7b, and $3.1bn, which includes the values of those teams and the players on their books. ManU bought Pogba for 105m euros five years ago and are letting his walk with no amount recouped and it didn’t put a dent in the Glazers or the business itself.

If Ruiz and his SPAC are worth even half of the rumored FMV, he is worth multiple billions more than the highest of those three (Kroenke, who is married to a Walton, for reference). It is an unconscionable amount of money. To answer your question, no, he will not run out of money from this.

 

[Brains]

My biggest concern is how long it'll be before the well dries up. Ruiz can't keep dropping $400k a year on single players, can he? It's gonna add up quick, and like, I still have no idea what LifeWallet even is or does.

Man City have spend over $1 billion on transfer fees since mid-2016.

If someone has the money, and is willing to spend it, there is no ceiling.

 

[Brains]

College sports are pro sports now. Get used to it

 

[CaneTheGaytors]

Someone send @TrumpyCane at that ***





 

If he picked Kansas or UK then nobody would say a **** word haha Kansas was literally busted for cheating haha

Yup.

OSU literally bought Quinn Ewers, and nobody said a word.

Facts!

 

[Fluffhead]

I’m with you, but I think part of it is that Ruiz is literally using NIL to promote lifewallet as a consumer product.

Ruiz was not anything really special as a trial lawyer or mass tort guy. And tho the spac is real… there are a lot of legit legal questions about the collectibility/feasibility of the assignment claims upon which his worth is based.

So for now, he’s got lots of access to capital, LOVES the U, and recognizes the legit exposure boon of NIL.

This is at least what I can gather from knowing that Ruiz seems not to be an outcast in the Hecht.

So… I say god bless him as long as he’s following all the rules and dotting all the I’s.

The craziest thing about the criticism of Ruiz is highlighted. Why is he getting **** for promoting lifewallet through these NILs when THAT IS LITERALLY THE POINT OF NIL. It is for these kids to use their name, image, and likeness to promote businesses and be compensated, not for a consortium of nameless Texas A&M boosters to hand out millions for no show marketing at companies that don’t exist or for Texas boosters to start a 501c3 that flies in the face of those laws.

Instead, we have Miami fans (and rival fans/media) *****ing about this guy actually showing these are legitimate, above board marketing deals structured correctly. Oh, and also establishing them as a legitimate business deduction if the IRS were to audit them.

 

[aleahy]

The craziest thing about the criticism of Ruiz is highlighted. Why is he getting **** for promoting lifewallet through these NILs when THAT IS LITERALLY THE POINT OF NIL. It is for these kids to use their name, image, and likeness to promote businesses and be compensated, not for a consortium of nameless Texas A&M boosters to hand out millions for no show marketing at companies that don’t exist or for Texas boosters to start a 501c3 that flies in the face of those laws.

Instead, we have Miami fans (and rival fans/media) *****ing about this guy actually showing these are legitimate, above board marketing deals structured correctly. Oh, and also establishing them as a legitimate business deduction if the IRS were to audit them.

This is a perfect post. Thank you

 

[Fluffhead]

Man City have spend over $1 billion on transfer fees since mid-2016.

If someone has the money, and is willing to spend it, there is no ceiling.

Gave the exact same analogy the post above, but used Chelsea, ****nal and Man United. Man U got about a $0 ROI on the $100m they spent on Pogba and it didn’t impact the Glazers. The Glazers net worth is a fraction of Ruiz.

 

[Fluffhead]

This is a perfect post. Thank you

It is so beyond my comprehension that he is about the only person actually doing the second part of the NIL deal to make it legitimate and is getting grief for it. Especially from our fans. I get it there is some PTSD from Nevin but whatever rules were in place at the time are no longer there. People need to get over it and reframe their thinking.

 

[aleahy]

It is so beyond my comprehension that he is about the only person actually doing the second part of the NIL deal to make it legitimate and is getting grief for it. Especially from our fans. I get it there is some PTSD from Nevin but whatever rules were in place at the time are no longer there. People need to get over it and reframe their thinking.

I’m with you. I don’t get it. He is paying UM athletes to promote his company. That’s what this is supposed to be.

 

[JgDaCane]

I remember when we longed for a legit bagman. Now we have one & are crying about it. This board is the best lol

 

[BigCaneAl]

Gave the exact same analogy the post above, but used Chelsea, ****nal and Man United. Man U got about a $0 ROI on the $100m they spent on Pogba and it didn’t impact the Glazers. The Glazers net worth is a fraction of Ruiz.

How do they get $0 ROI? Aren’t they selling tickets, jerseys, marketing partnerships, etc…and getting TV dollars for the product (players)?….very different equation.

 

[OriginalGatorHater]

My biggest concern is how long it'll be before the well dries up. Ruiz can't keep dropping $400k a year on single players, can he? It's gonna add up quick, and like, I still have no idea what LifeWallet even is or does.

Lets say he only ends up with 1.1 billion dollars(which he certainly will end up with). He can spend 400k per player on all 25 players in our recruiting class for the next 1000 years. and still have 100,000,000 left over. If everything goes according to plan he will be worth 20x that amount. So for the next 1000 years he could drop 8,000,000 per player for all 25 players in our recruiting class and still have 2 billion left over.

 

[Fluffhead]

How do they get $0 ROI? Aren’t they selling tickets, jerseys, marketing partnerships, etc…and getting TV dollars for the product (players)?….very different equation.

It's a fair point, but we are also talking about way less money. There are plenty of players that soccer teams sign for a few million pounds/euros that they do not sell jerseys for, are not big enough for marketing, and ultimately fizzle out. It is a different business model, but the point remains that while it is an astronomical sum for 99.999999% of people, this is a drop in the bucket for guys at that level of wealth.

And to touch on your point, isn't NIL in it's true and purest form supposed to be FMV for marketing of companies...

 

[MainLineCane]

I remember when we longed for a legit bagman. Now we have one & are crying about it. This board is the best lol

^^THIS !!^^

 

[mtsucalico85]

The CBS Eye on College Basketball podcast had a 15-20 minute discussion on Pack and the NIL deal, and Gary Parrish (the top national CBB writer for CBS) loved that Ruiz was so open with how much LifeWallet was going to pay Pack. He thought that as time goes on, circumstances like this may allow for others to be more transparent about NIL offerings, which he thought would end up being a benefit to the college basketball landscape in the long run.

But for Miami in particular, he thought that having the amount out there can be a signal to other transfers in the future that may be similar in caliber to Pack (an all-conference type in a good conference) that they know Miami could be a place where they could do well financially because of NIL because of how open Ruiz is being about it. It could allow for some top transfers (or recruits for that matter) to put Miami in their mind that may not have previously because this was done so publicly. So he saw only positives for being upfront with the Pack NIL deal and no real downsides since it is all above board.

It also made me think about how one of the talking points was that "there is no way that Pack is worth $800K to promote LifeWallet." By-and-large, that is true. Pack on his own probably isn't worth that to LifeWallet, and while Ruiz will pay Pack to promote LifeWallet, obviously the intent was to get him to sign with Miami. But I will say that - even if Pack isn't directly worth $800K - the fact that Ruiz was so open with it is quality advertising on its own. Think of how many national basketball writers reporting on the NIL deal, which would get LifeWallet's name out there even more. Parrish explained that he looked into what LifeWallet was and he described the purpose of LifeWallet on the podcast. That doesn't happen if Ruiz is not so open about the NIL deal with Pack. His company is already seeing some return on investment in that respect because of the media coverage, and Pack hasn't even had to do anything yet.

 

[hotshot]

I’m with you. I don’t get it. He is paying UM athletes to promote his company. That’s what this is supposed to be.

I've seen it referred to on other boards as a "shell company" that would have no reasonable expectation of recouping in value some of the bigger payouts. Then again, I don't think that is legally "provable" or in any way illegal. It's his money!

 

[Fluffhead]

The CBS Eye on College Basketball podcast had a 15-20 minute discussion on Pack and the NIL deal, and Gary Parrish (the top national CBB writer for CBS) loved that Ruiz was so open with how much LifeWallet was going to pay Pack. He thought that as time goes on, circumstances like this may allow for others to be more transparent about NIL offerings, which he thought would end up being a benefit to the college basketball landscape in the long run.

But for Miami in particular, he thought that having the amount out there can be a signal to other transfers in the future that may be similar in caliber to Pack (an all-conference type in a good conference) that they know Miami could be a place where they could do well financially because of NIL because of how open Ruiz is being about it. It could allow for some top transfers (or recruits for that matter) to put Miami in their mind that may not have previously because this was done so publicly. So he saw only positives for being upfront with the Pack NIL deal and no real downsides since it is all above board.

It also made me think about how one of the talking points was that "there is no way that Pack is worth $800K to promote LifeWallet." By-and-large, that is true. Pack on his own probably isn't worth that to LifeWallet, and while Ruiz will pay Pack to promote LifeWallet, obviously the intent was to get him to sign with Miami. But I will say that - even if Pack isn't directly worth $800K - the fact that Ruiz was so open with it is quality advertising on its own. Think of how many national basketball writers reporting on the NIL deal, which would get LifeWallet's name out there even more. Parrish explained that he looked into what LifeWallet was and he described the purpose of LifeWallet on the podcast. That doesn't happen if Ruiz is not so open about the NIL deal with Pack. His company is already seeing some return on investment in that respect because of the media coverage, and Pack hasn't even had to do anything yet.

Remarkable what happens when a business owner actually attempts to use NIL for marketing as it was intended.