Student-athletes were given the chance to profit off their names, images and likenesses last summer after the NCAA approved a new policy allowing them to earn money from endorsements, sponsorships, social media and more. But, according to one Florida attorney, this new opportunity comes with many unforeseen hurdles.
were given the chance to profit from their names, images and likenesses last summer after the NCAA approved a new policy allowing them to earn money from endorsements, sponsorships, social media and more.Peter Schoenthal, a criminal defense attorney and entrepreneur, told FOX Business in a recent interview that student-athletes are not getting proper guidance when it comes to NIL deals, and the biggest issue they will face this year could be on Tax Day.
"How are these kids going to pay taxes? I do not want to represent them in federal court on tax evasion charges," Schoenthal said. Schoenthal is the founder and CEO of Athliance, an NIL management and education firm that advises college athletes with regulations while still making the most of NIL opportunities.
Schoenthal recalled several "misconceptions" he’s heard about these deals when speaking to college athletes, an issue that will present itself on tax day. "That creates a situation where you can basically buy players," Saban said. "You can do it in recruiting. I mean, if that’s what we want college football to be, I don’t know. And you can also get players to get in the transfer portal to see if they can get more someplace else than they can get at your place."
Alabama head coach Nick Saban speaks to reporters during Southeastern Conference Media Days July 21, 2021, in Hoover, Ala.
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