In a copy of a contract obtained by ESPN, it was revealed that a high school senior was given an upfront payment of $50,000. In return, Nilly was given exclusive NIL right seven years; and Nilly and its investors will receive 25% of the athlete's NIL earnings for the duration of the contract. The contract can also end early if Nilly earns a total of $125,000.
You have so many athletes and their parents who are struggling day-to-day, Perkins said in the report. Because we're actually taking a bit of a gamble on what the student-athlete is going to make in the NIL space, the benefit is the kid - the student-athlete - is able to get financial security so they don't have to rush.
To me it feels like you are preying on people who need the capital now and using that to cloud their focus on the future, said Michael Haddix Jr., the CEO and founder of Scout, a company that teaches athletes about financial literacy. It feels predatory, and it's capitalizing on young people who need money and haven't thought through the long-term implications.
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