A new Florida law «opens the door» for college athletes to build their brand and use it to transition from sports to business after graduation, a Florida lawmaker who sponsored the legislation told Fox News.
The new law, signed into law by Gov. Ron DeSantis last week, allows schools and coaches to get involved with player name, image and likeness opportunities, allowing them to help facilitate sponsorship deals for their athletes.
«Today’s world is very social and digital, and people will have an opportunity to build that brand online and also on merchandise and things like that,» said state Rep. Chip LaMarca. «So this is an opportunity for them to start a business based on who they are.»
«There are a lot of great opportunities that we’ve seen for female athletes, male or female athletes of non-traditional sports,» the Republican continued. «And this just opens the door for people to be creative.»
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Athletes cannot be induced to play for a university based on name, image and likeness treatment they may receive, per NCAA regulations. But brand endorsement deals, such as being a spokesperson for a car dealership or restaurant, are allowed after students sign contracts to play at the school.
Florida Gators quarterback Anthony Richardson (15) throws a pass. (David Rosenblum/Icon Sportswire via Getty Images)
«The coach or staff can now help them get endorsements from local restaurants, car dealerships, anybody who is willing to sponsor that athlete,» LaMarca said.
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After signing the bill into law, DeSantis tweeted: «Two years ago, FL became one of the first states in the nation to allow student-athletes to be compensated for the use of their names, images and likenesses. «.
The «bill I signed today will further benefit student athletes and ensure they are protected from commercial exploitation,» he continued.
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The new law also requires universities to hold a workshop each semester that covers entrepreneurship, financial literacy, and other life skills.
«It’s important that they learn not only the value of money, how to save, how to make sure you cover your tax bill and things like that, but also how to monetize who you are,» LaMarca said. «Most of what I’m proud of in this bill is the entrepreneurship part.»
To see LaMarca’s full interview, click here.