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Just like Donkey Green idk how they let him have a platform. Trash.
I dislike Perkins but this deal seems good for the students?
This kind of arrangement is not necessarily bad for the player - they may even earn more from the deal than if they went through their careers without it. Plus, players who sign but don’t fulfill the amount that was advanced don’t have to pay back the difference at the end of their contracts - that’s hardly predatory.
The day people realize that “Perkin” is slang for “bitch” and start telling him thar would be really funny.
After this I think is time to embrace that. That is scummy move
Wow did reddit just take this down. It was #1 on the page and now no more. Conspiracy…
What a piece of shit
Kendrick wants to be “Pay-Day lender” for student athletes.
Kids start to make a little change & the sharks come looking to scam.
Shame on Kendrick
Praying on young, broke kids. The kids that the whole family looks at as a meal ticket. Pressure to make bad decisions.
ESPN obtained a copy of one Nilly contract that lays out a $50,000 payment to a high school senior in exchange for the exclusive rights to sell his name, image and likeness for seven years. In that contract, Nilly and its investors will receive a 25% cut of the player’s NIL earnings for the length of the contract, or until Nilly earns a total of $125,000 (2½ times its initial investment), whichever comes first. Ricciardi said the percentage of NIL money that Nilly takes from an athlete can be as high as 50%, and a spokesperson said Nilly’s share can be as low as 10%.
So, assuming that the $125k limit is hit at the exact same time as the 7 year limit, that’s a ($125000-$50000)/($50000)^(1/7) = 5.9% APR loan that cannot actually put the athlete into debt. That seems completely fine? I’d honestly be surprised if they’re actually able to make money off this. Like, the guy has to sign $200k in NIL deals just for Nilly to break even. They’d need at least a 40% hit rate to break even on the deals themselves, before considering the fact that it takes money to run a business.
To pay the players their upfront money, Nilly raises funds by offering investors the opportunity to buy a share of a pool of contracts. The concept – which alleviates the risk that a single athlete might not be successful – is similar to mortgage-backed securities or collateralized debt obligations; Ricciardi was deemed the “grandfather of CDOs” by the Wall Street Journal for his role in popularizing the investment while working at Merrill Lynch in the 2000s.
I think it’s a bit unfair to characterize any “pooled” investment as CDOs but when the “grandfather of CDOs” starts getting creative that should be concerning.
“We’re all aligned to maximize their NIL earnings,” Ricciardi said. “We’re not an agent exactly, but we are a financial partner with them.”
I think it’s a fair assumption that anybody being this slippery about their role, and by extension their legal responsibility, is trying to get as close to the line of a crime as possible without crossing it.
Interesting, but I dont really see how this so “gross”. Giving money to families that made need it now and the boost in quality of life to make life less stressful. If the kid ends up being really good and makes tons in NIL deals anyways, he’s only paying back a capped $125k over the course of those deals. It’s not like they’re extorting him for money endlessly for the rest of his life.
If the kid flames out then he only pass back a % of what he makes in deals and may not ever even have to pay back that $50k. To end up paying back that $50k, he’d have to make $200k in NIL deals which means he got the short term help for his family when they needed it, and still made $150k on top of it just to play basketball.
Student ath-o-lete?
how is this bad?
This is absolute bullshit - KP should be ashamed of himself
Fucking assholes need to empower the next generation not take it away from them
well if Perkins is hyping up some random kid, we can check if they are signed with Nilly