TALHASSEE, Fla. (AP) — Florida public universities can release $22.5 million a year to compensate student-athletes under emergency rules approved by the state commission on Wednesday. A groundbreaking legal settlement Allows the school to pay players through licensing transactions.
A vast $2.8 billion antitrust settlementonce effective on July 1st, the school can pay players directly to use their names, images and likeness. It follows the way university sports have been run for over a century and has sent universities all over the country. Scramble new revenue streams We hope to gain an edge, or at least maintain our pace, in the rapidly evolving and highly competitive field of college athletics.
Florida’s public universities are home to the nation’s most renowned university sports teams, allowing student-athletes to immerse themselves in funding for campus subsidy programs, including bookstores, foodservice, student homework, and parking lots, to cut checks for student-athletes. Under the policy approved Wednesday, funds can be issued as a transfer or loan.
“The athletics department is currently recruiting student-athletes in the fall of 2025 and needs to clarify the funds available to maintain and recruit the best talent on the roster.” “If the university cannot respond to a settlement immediately, there is an irreparable harm to the athletic program and the financial welfare of our institutions.”
Florida emergency regulations will come into effect immediately and last for 90 days. At that point, the board can reevaluate the issue.
Other schools are also taking action due to the athletic sector deficits. Last week, the University of Kentucky trustee approved a $31 million operating loan from the Athletics Department to begin direct payments to athletes.
Meanwhile, Louisiana is poised to raise taxes on sports betting and put more than $24 million into the athletics division. And Arkansas was the first this year Waives state income tax Payment of athletes by higher education institutions.
___Kate Payne is a legional member of the Associated Press/Reports’ American State University News Initiative. American Report It is a non-profit, national service program that places journalists in local newsrooms and reports on secret issues.
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