A report by Yahoo revealed that an FBI probe into NCAA corruption identifies possible violations by basketball powerhouse schools including Kentucky, UNC, Kansas, Duke, Texas, and more than 15 others. Sports Attorney Jason Belzer, President at Game, broke down the implications of the allegations.
Several top NBA prospects and recently drafted players were linked to impermissible benefits, such as cash advances and entertainment and travel expenses. Names listed include Duke's Wendell Carter Jr., Michigan State's Miles Bridges, and Alabama's Collin Sexton. Belzer isn't surprised by the allegations. He believes that until players get a share of the revenue that the schools get, these transactions will continue to be a part of recruitment.
The average compensation for a college basketball or football player is around $250,000-$300,000, including items such as tuition and room and board, according to Belzer. The top players generate an estimated $3 million to $5 million for their schools, he added. Belzer said a compensation structure that could fix the problem would be one that allows players to accept certain amounts of compensation. The easiest way, he said, would be to put money into a trust fund for the athletes.
In stories sure to move markets next week, investors will be served another full plate of earnings, the July jobs report comes out, and the Summer Olympics continue in Tokyo.
Cleveland’s Major League Baseball team finally has a new moniker, the Guardians. Formerly known as the Indians, the organization made a change to the team name after years of public scrutiny and claims of appropriation of Native American culture. Cheddar’s Hena Doba and Baker Machado provide some additional details into the name change.
Here are your Need2Know stories for Tuesday June 7, 2022:
Today, voters head to the polls for primary elections in California, Iowa, Mississippi, Montana, New Jersey, New Mexico, and South Dakota.
Senator Joe Manchin said he would support raising age requirements for gun purchases to 21. Manchin told CNN he also "wouldn't have a problem looking at" a ban on AR-15 assault rifles.
Meanwhile, five players on the Tampa Bay Rays roster opted not to wear a patch added to its uniforms intended to celebrate pride month.
Shaheen Holloway, fresh off leading Saint Peter's on an improbable Elite Eight run, says on Closing Bell that he is looking to take his alma mater Seton Hall to new heights this coming season as head coach. Holloway also provides his insight on the NIL era in college athletics - while he's happy for the players, he also considers the current system 'scary' because more rules and regulations need to be in place.
