Black college athletes have long been at the forefront of the success and financial gains that PWI‘s (Predominantly White Institutions) have enjoyed for decades. Fortunately, the laborious tasks these amazing athletes have been asked to take on with no compensation other than a free education has finally changed.
Thanks to recent rulings that the National Collegiate Athletic Association (NCAA) has undergone, student-athletes are now able to take advantage of their name, image and likeness (NIL) by accepting offers from companies and corporations that want to sponsor them.
“Now student-athletes can be compensated and take sponsorships in endorsement deals,” Sandra L. Richards, head of Morgan Stanley’s Global Sports & Entertainment Division, told ThinkAdvisor. “They’re able to make money off their name, image and likeness [NIL].”
One of the most intriguing aspects of the ruling, said Richards, is that the athletes will have assistance in the process as they determine the most suitable deal for their own unique circumstances.
“Service providers [financial advisors] can engage with them when they need help determining how to manage the money they’re getting and to seek advice about what they should be doing with it,” Richards explained.
She went on to explain that the financial plan is in place to serve as a “road map” meant to assist each athlete “get where they want to be and hopefully [avoid] making headlines [revealing] they have no money after they’ve left their professional career.”
Morgan Stanley has always had a positive relationship with Black athletes and that rapport has only strengthened since the announcement was made official. Richards rationalized the ruling in simple terms offering it allows all players to “monetize their name, image and likeness. It gives everyone the opportunity to make money off their [NIL] while they’re in college,”
A trend has begun in the past few years that finds high profile athletes choosing Historically Black Colleges and Universities over PWI’s. In fact, Deion Sanders, who dominated both professional baseball and football in his prime, is coaching an HBCU – Jackson State – where both of his sons opted to play for him.
Perhaps the biggest success story so far involves Master P’s son Hercy Miller. P, who had a short stint with the Toronto Raptors, is actively monitoring Hercy’s NIL opportunities and doing a fine job as the 19-year-old signed a $2 million deal with Web Apps America before he stepped foot on Tennessee State University’s campus.
