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Alumni-founded collective helps GW student-athletes connect with businesses and fans to capitalize on popularity of their name, image and likeness, officials announced Friday.
Friends of George, an alumni- and fan-funded collective not affiliated with the university, was created to promote opportunities for GW student-athletes to benefit from the NIL regulations through recurring fan subscriptions or single contributions, according to a statement released Friday introducing the group.
Student athletes will be able to advantage through signing autographs, social media promotions and even offering personal training and coaching, and they will keep 85 to 90 percent of donations made to Friends of George, According to to their website.
In October 2019, the NCAA Board of Governors unanimously voted to allow student-athletes to monetize their name, likeness and image, reversing their policy requiring student-athletes to be uncompensated amateurs. This policy is effective until July 2021.
The release said the collegiate has no role in recruiting nor does it offer benefits “based on playing time or performance” to participating student-athletes.
“Rather, the concept is for GW fans to collectively fundraise together into a common pool that pays for legitimate opportunities for student-athletes to perform duties based on the popularity of their name, image and likeness,” exemption said.
When asked about the collective in a postgame interview, head men’s basketball coach Chris Caputo said it will give GW “NO presence” to help them achieve their competitive goals.
“And the good thing is that we have an incredible institution for it, an incredible location for it, and there will certainly be opportunities through that to engage students as well,” Caputo said.
Those who wish to contribute can purchase a subscription ranging from $10 to $500 per month, or can pay in a one-time installment, according to the Friends of George website. Associates can donate to specific sports or they can I’m coming in in non-exclusive contracts with specific student-athletes if they choose.
According to the Friends of George website, GW student-athletes will be as well allowed to issue non-fungible tokens, also known as NFTs, to sponsors and brands, and participating student-athletes will receive their rewards on a monthly basis.
$10 monthly plan gives contributors exclusive interviews and content with student-athletes, access to supporter events and student meet-and-greet sessions, and a raffle for autographed memorabilia. $25, $50 and $100 monthly plans include all these benefits, but add matching Friends of George apparel, an autographed poster, and custom videos for students and athletes.
$250 monthly plan includes all the previous benefits, but adds exclusive student-athlete NFTs, autographed memorabilia and virtual training with student-athletes. $500 monthly plan allows associates to have personal training with student-athletes, in addition to all previous benefits.
Alumni Aahil Shermohamed, NBA agent and former manager of the GW men’s basketball team, serves as CEO of Friends of George. He said the goal of Friends of George is to “encourage and facilitate” a space for student-athletes to prosper from NIL while receiving business mentoring, According to to release.
The creation of the collective comes as colleges and universities across the country I am adapting to the changing landscape of college sports now that student-athletes are allowed to be compensated. According to Business of College Sports, there are more than 70 colleges and universities connected to the NIL collective, which typically creates opportunities for student-athletes to connect with brand endorsements and promotions or fans based on the popularity of their name, image and likeness.
As NIL teams were being formed across the country, the NCAA announced in a May press release that teams are allowed under its provisions only if they are considered a booster — a third-party group that helps promote an athletics program and helps provide benefits to recruits, student-athletes or their family members.
Loyola Chicago, competing in its first season in the Atlantic 10, was the first A-10 program to have a NIL team when they launched Rambler Local Exchange in May, which connects their student-athletes directly with local businesses, opening the door for brand sponsorships and promotions.
Members of the George Mason athletic community followed suit and created player-directed Patriot Nation Collective in June, which promotes NO opportunities for members of their men’s basketball team by connecting them with local sponsorship opportunities, allowing fans to connect with student-athletes and selling player-branded merchandise, such as 50 percentage of proceeds go to student-athletes.
Friends of George hope that they will maximize the benefits of the NIL while upholding the values and legacy of the university and its former student-athletes.
CNBC found that at most NIL Benefits women who typically have no career options after college, and players who typically reach peak form and popularity in college, such as gymnasts. They also discovered that there is no equal amount each player can make under the rules, especially since their earning potential is based on the popularity of their name, image and likeness.
Players at popular programs in highly watched conferences like the Southeastern Conference have the best chance to benefit. Tennessee’s five-star football player will be paid, The Athletic has learned almost $8 million by his junior year for appearances he makes on behalf of the business as well as Spyre Sports Group, the NIL team in Tennessee he signed with.
This article appeared in the November 14, 2022 issue of Hatchet.
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