• Loading stock data...
Saturday, February 22, 2025

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

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.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Dec 31, 2024; Durham, North Carolina, USA; Virginia Tech Hokies forward Tobi Lawal (1) and Duke Blue Devils center Khaman Maluach (9) battle for the opening tip during the first half at Cameron Indoor Stadium.

House v. NCAA Settlement Creates Potential Crisis for International Athletes

Revenue-sharing payments could violate international student visa laws.

NFL, MLB, NCAA, NASCAR Back Drone Crackdown Bill

The NFL said there were nearly 3,000 drone incidents in 2023.
Feb 20, 2025; Boston, MA, USA; [Imagn Images direct customers only] Team USA forward Brock Nelson (29) reacts to a hit during the second period against Team Canada during the 4 Nations Face-Off ice hockey championship game at TD Garden.

4 Nations Final Is Most Watched NHL Game in U.S.

ESPN now holds the record for the NHL’s biggest U.S. broadcast ever.
Jan 17, 2025; San Antonio, Texas, USA; San Antonio Spurs center Victor Wembanyama (1) dribbles past Memphis Grizzlies forward Santi Aldama (7) in the second half at Frost Bank Center.

Fanatics Pays Out and Refunds Wembanyama Bets After Injury Ends Season

Fanatics applied its Fair Play rule to bets related to Wembanyama winning awards.

Featured Today

Nov 2, 2024; Pittsburgh, Pennsylvania, USA; Pittsburgh Penguins goaltender Alex Nedeljkovic (39) stretches during a time-out against the Pittsburgh Penguins in the second period at PPG Paints Arena

Behind the Mask: The Artists Creating Hockey’s Iconic Goalie Style

The art and business of outfitting pro netminders.
Feb 15, 2025; Montreal, Quebec, CAN; [Imagn Images direct customers only] Team United States forward Matthew Tkachuk (19) and Team Canada forward brandon Hagel (38) fight in the first period during a 4 Nations Face-Off ice hockey game at the Bell Centre.
February 16, 2025

Inside the Push for the NHL’s Next Era of International Competition

Players have been clamoring, and the league is all in.
Aug 11, 2024; Paris, France; Medals are carried out on Louis Vuitton trays after the women's volleyball gold medal match during the Paris 2024 Olympic Summer Games at South Paris Arena
February 16, 2025

LVMH’s New Push: World’s Most Powerful Luxury Group Is Coming for Sports

LVMH is making long-term deals—and they’re not done.
Feb 18, 2024; Indianapolis, Indiana, USA; Eastern Conference guard Damian Lillard (0) of the Milwaukee Bucks reacts after a play during the second half of the 73rd NBA All Star game at Gainbridge Fieldhouse.
February 15, 2025

The NBA’s Latest Attempt To Solve the All-Star Game Conundrum

A new mini-tournament on a lame-duck network may not solve the problem.
Sen. Brandon Creighton, R-Conroe, debates SB 2, the school voucher bill, at the Capitol Wednesday February 5, 2025.

Texas State Lawmakers Introduce Bills to Limit International Athlete Scholarships

Only 25% of athletic financial assistance would be available to non-U.S. citizens.
Georgia baseball
February 19, 2025

Georgia Baseball Player Latest to Sue NCAA for More Eligibility

Goldstein’s suit is one of several challenging NCAA eligibility rules.
February 20, 2025

CFP Seeding Changes Could Be Coming. Is Expansion Next?

Big Ten and SEC commissioners are pushing changes.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
February 18, 2025

Pac-12’s ‘Transformational’ Next Media Deal Will Have Multiple Networks

Gould confirmed the conference will have more than one partner.
Texas Longhorns defensive back Jahdae Barron celebrates a turnover against Clemson Tigers in thein the first round of the NCAA College Football Playoffs on Dec. 21, 2024, at Darrell K Royal Texas Memorial Stadium in Austin, Texas.
February 15, 2025

NBC’s Chris Simms: College Football ‘Messed Up’ With NIL Era

Even with caps on revenue sharing, some schools can still spend more.
February 14, 2025

Notre Dame Latest CFB Team to Hire GM From NFL

Notre Dame has hired a Lions front office executive.
February 13, 2025

What Has to Happen Next for Flag Football to Become an NCAA..

Flag football is one step closer to being a full-fledged college sport.