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"Substantial Doubt" John Ruiz, Dubbed Miami's "NIL King," Can Keep his Company, LifeWallet, in Business
The University of Miami has certainly taken advantage of the NIL era, and rightfully so, but it appears they might need a new mega-booster going forward to continue that trend. Once claimed to be the Hurricanes' "NIL King", there is "substantial doubt" that John Ruiz's LifeWallet company can remain in business after the large-scale claims company made $7.7 million in revenue last year but suffered a net loss of $211 million in 2023, according to an SEC filing.
"The Company has concluded that, despite the aforementioned financing arrangements, there is substantial doubt about its ability to continue as a going concern," Ruiz said in the SEC filing this week. "Unless we are successful in raising additional funds through the offering of debt or equity securities, we have concluded it is probable we will be unable to continue to operate as a going concern beyond the next twelve months."
In 2021, the first year NIL became part of college athletics, Ruiz spent more than $10 million on athletes, quickly becoming the face of the NIL front for Miami. With a majority of those dollars going to football players that year, he transitioned to also helping the Hurricanes' men's and women's basketball teams in recent years, especially in the transfer portal.
But Miami might have to find a new mega-booster if Ruiz, an attorney, is unable to keep LifeWallet in business going forward.
Louisville's Top Wide Receiver Caullin Lacy Breaks Collarbone
Louisville, ranked as a top-30 team under second-year head coach Jeff Brohm, will be without top receiver Caullin Lacy for an "extended period of time" after he broke his collarbone during the final scrimmage of fall camp on Saturday, the school announced. Depending on the severity of the injury, the South Alabama transfer is expected to miss 6-8 or 8-12 weeks.
Lacy was one of the best wide receivers in the transfer portal this offseason, totaling 91 receptions for 1,316 yards and seven touchdowns at South Alabama in 2023. Louisville will now count on Chris Bell, who finished second on the team in receiving yards last season, and Alabama transfer Ja'Corey Brooks to take bigger roles.
The Cardinals finished 10-4 last season, their best record since a 10-3 finish in 2016.
Rutgers AD Pat Hobbs Resigns Due to Health Concerns
In a sudden, unexpected move, Rutgers athletic director Pat Hobbs – the AD with the longest continuous tenure within the Big Ten – resigned Friday afternoon due to his health and a recent meeting with his "cardiac team," according to ESPN.
"After meeting with my cardiac team this week and having just been apprised of the results of my latest round of testing, it is clear that I can not continue to serve as Athletic Director given the requirements of the position," Hobbs wrote in an email to school president Jonathan Holloway. "I recognize this is not the ideal timeframe to depart, however, other factors need to take precedence."
Hobbs was under contract through 2028 but decided to step down to focus on himself, and rightfully so. He will be replaced by deputy athletic director Ryan Pisarrio with the school set to begin a search for a permanent replacement immediately.
"I want to thank Pat for his remarkable nine-year tenure at Rutgers, during which we have seen our men's and women's teams become leaders and successfully compete in the Big Ten, both on and off the field," Holloway said in a message to university leaders. "I have asked Ryan Pisarri, deputy athletic director and chief of staff, to serve as interim Director of Intercollegiate Athletics. A search for a new permanent athletic director will begin as soon as possible."
Hobbs had been the athletic director at Rutgers since 2015.
ICYMI
James Laurinaitis Says Cody Simon is Ohio State’s Most Complete Linebacker, Senior to Be Backbone of Unit in 2024
James Laurinaitis says Cody Simon is Ohio State's most complete linebacker as the senior is prepared to be the backbone of his position room.
Will Howard Separated Himself As Ohio State’s Starting Quarterback With “Great Strides” in Preseason Camp: “He’s Making All the Throws”
Chip Kelly said Will Howard has made “great strides” from the spring to preseason camp while Jim Knowles said Howard has been “making all the throws” in practice.
2024 Ohio State Football Season Preview
Be sure to check out all of our Ohio State football preview content ahead of the 2024 college football season.
What's Next
- 13 Days (Aug. 31): Ohio State's season opener vs. Akron
- 104 Days (Nov. 30): The Game
