UK converts Athletic dept to an LLC

Hmm, i wonder if liability is an issue as it is with my business.

 

Interesting to see how that will affect legal issues, like sovereign immunity.

 

Maybe it seperates the svhool from the athletic department as far as legal responsibility would be my first thought. It just keeps my business apart from personal assets for me. If i burn down your house, my insurance can be sued for 2 mil and then you can come after my business. At tgat point, i can walk away and get a new llc without personal assets being touched. At least thats whats been explained to me. If they schools eventually make players employees, i could see something like this protection for the schools. This 20 mil paid by tge schools surely opens up new avenues for lawsuits.

 

The UAA is a separate legal entity from UF and has been for many years. It is a Florida Not for Profit Corporation Direct Support Organization (DSO). Detail by Entity Name

Kentucky's move to this model is not unique, they just chose a different corporate structure (LLC vs. Corporation).

 

It is with any business, but paying athletes directly that play a violent, intense game probably ups the ante a bit.

 

They will not be covered unless through specific legislative action.

As a DSO, UAA is covered by Sovereign Immunity under State Law: Chapter 768.28 of the Florida Statutes.

 

And it was all just gonna be selling a few Tee Shirts and Hoodies with players names on the front. .......... LMAO

 

Anyone with a couple of functioning brain cells to rub together knew it too.

 

That fsu qb just retired from an injury sustained at fsu. Very unfortunate.

 

I don’t even remember anyone saying that, but anyone who believed that was just being willfully ignorant, imo. Anyone paying attention saw the collectives form up immediately and could clearly see it would be a whole lot more than a deal for a hoodie. We had multiple million dollar deals reported in the first signing class after the floodgates opened.

I expected somewhat of a leveling off at some point, and I was way off on that front. It continues to get more out of control every day. I just assumed people would get tired of giving kids a million bucks to do nothing, or worse, play against your team. Seems ROI is not important to anyone but me though, lol.

 

Millions sounds big to us regular people. My business partners dad has about 20 mil in the stock market. He lives modestly and is in no way rich in his mind. He makes an easy mil a year mostly on dividends. 20 mil doesnt even register with guys like tge nike guy. Billionaires dont sweat millions. Im sure there are oil guys or whatever that make 100 mil a year and it's probably not that uncommon.There's obviously alot of donors that wipe their ass with million dollar bills. Being around all tgese tournament fisherman, you realize how much money some of these boat owners have.

 

I think there’s only like 7-800 billionaires the country, they’re not all football fans, and not every school has one in their back pocket. The guy who has 20million is rich, no doubt, but he can’t dump 10 mill a year into a college sports team and get nothing back in return. Few hundred grand here and there, but not millions. Every school doesn’t have a Phil Knight in their back pocket. UF doesn’t for sure and our biggest donor is not happy with the current arrangement. If he bails, UF athletics is in serious trouble.

 

The problem is, several schools have the ability to out-buy the entire market , hence caps in pro sports. I hope they do eventually get to employees, contracts and some sort of level playing field.

 

Then the “rest of the $” goes back underground to avoid the cap.