New Florida law will help college athletes get their name and image in the bank

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.

The new law, signed by Gov. Ron DeSantis last week, allows schools and coaches to get involved in player name, image and likeness opportunities, allowing them to help facilitate player agreements. endorsement for their athletes.

“Today’s world is very social and digital, and people are going to have this opportunity to build that brand online and also in merchandise and things like that,” State Representative Chip LaMarca said. “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 in non-traditional sports,” the Republican continued. “And that kind of opens the door to people’s creativity.”

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Athletes cannot be enticed to perform at a college based on any name, likeness and likeness contracts they may receive, per NCAA regulations. But brand endorsement deals, like being a spokesperson for a car dealership or a restaurant, are allowed after students sign contracts to perform at school.

“The coach or staff can now help them get endorsements from local restaurants, car dealerships, anyone willing to sponsor this athlete,” LaMarca said.

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After signing the bill, 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 name, image and their likeness.”

The “bill I signed today will further benefit student-athletes while ensuring they are protected from commercial exploitation,” he continued.

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The new law also requires colleges to hold a workshop each semester focusing on entrepreneurship, financial literacy, and other life skills.

“It’s important for them to not only learn 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,” said LaMarca. “The biggest part of what I’m proud of about this bill is entrepreneurship.”

To watch LaMarca’s full interview, click here.