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Abbott Signs Bill That Lets College Athletes Make Money – NBC 5 Dallas-Fort Worth

By on June 16, 2021 0

Texas college student-athletes will soon be able to earn money from companies that use their names, pictures and likenesses after Gov. Greg Abbott (R) signed a new bill on Monday.

Abbott signed Senate Bill 1385, which will come into effect on July 1.

“I think in 2019 California was the first state to officially adopt it, and that kind of opened the floodgates,” sports agent Jordan Woy said. “Other states have started to realize that if we don’t jump on the bandwagon, it’s going to be a disadvantage in recruiting.

The law has certain restrictions. While players can have sponsorship and sponsorship agreements, these cannot include alcohol, casino gambling, and certain other businesses. It requires students to take financial literacy classes.

“It’s pretty new, so we’re trying to figure out how best to position this without compromising eligibility or anything for our student-athletes,” said Jared Mosley, associate vice president and director of operations at UNT Athletics.

Currently, NCAA rules prohibit students from being paid. Mosley said they were waiting for more information on the NCAA, but felt they could focus on the educational component of it, including financial courses, branding education and social media.

Other schools have also reacted to the news.

“There has been such anticipation for years now that just having the rules in place, something that we can move forward on is a start,” said TCU sporting director Jeremiah Donati. “We need a federal solution. Having 50 states with 50 different rule sets is not something that is sustainable in the long term. So we need a federal solution, so we hope that will happen very soon. “

Woy said he believes that eventually all schools will be on the same playing field.

“At the end of the day, it will be either the federal government or the NCAA,” he said. “Someone is going to come over and say, ‘We’re going to have uniform legislation, these will be the rules for everyone.’

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