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Miami NIL King John Ruiz’s Business Is Tanking

  • He has committed millions of dollars to Miami’s athletes in name, image, and likeness deals.
  • His company lost $211 million between March and June.
Jasen Vinlove-USA TODAY Sports

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University of Miami booster John Ruiz has been a major funder of the school’s sports in the name, image, and likeness era. Now the source of that money may be drying up. 

Ruiz admitted to investors earlier this week that his company is far short of revenue projections.

LifeWallet, an insurance claims company, projected it would make $963 million in net revenue last year. Instead, its total revenue was $7.7 million. After a period between March and June that made just $300,000 in revenue from the main part of its business, and a net loss of more than $211 million, the company told investors there is “substantial doubt” the company can continue operating, according to the Miami Herald.

The company also said it was subpoenaed last month by the Department of Justice, a move triggered by one of its own press releases, the Herald reported. The U.S. Securities and Exchange Commission is already investigating the company.

Ruiz was on Forbes’ list of billionaires in 2023 with a net worth of $1.5 billion in April of that year. He dropped off the list in 2024.

Within the first year of NIL, Ruiz had already spent $10 million on Miami athletes, according to On3. His funding, specifically his two-year, $800,000 deal with men’s basketball transfer Nijel Pack, was questioned because of NCAA rules around not using NIL for recruiting for pay-for-play. Those rules were blocked earlier this year by a federal judge.

Miami’s women’s basketball team was hit with sanctions in the first NCAA infractions case concerning NIL over an impermissible meeting set up by the head coach between Ruiz and the Cavinder twins, Haley and Hanna, as well as a free dinner. Ruiz has committed to funding a new football stadium for Miami, even releasing stadium renderings, but plans have not been finalized. The Herald had previously reported that Ruiz and LifeWallet were under federal civil and criminal investigations by the SEC and U.S. Attorney’s Office for the Southern District of Florida.

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