Kentucky Wildcats (EABOD)
- By Jaxbuck
- College Football
- 136 Replies
I called it!!!!!
Kentucky looks to make athletic department LLC
Kentucky will ask its board of trustees on Friday to approve a plan to convert its entire athletic department into an LLC, a move the school says will position it to adapt to the new climate of collegiate sports.www.espn.com
University of Kentucky looks to make athletic department LLC
Kentucky will ask its board of trustees Friday to approve a plan to convert its entire athletic department into an LLC, a move the school says will position it to adapt to the new climate of collegiate sports.
Champions Blue, the name of the school's proposed Limited Liability Company, would allow Kentucky to create a public-private partnership and raise funds and handle expenses as collegiate sports shifts into a new era if the House settlement is approved and schools are allowed to share revenue with athletes in the years ahead, the school said in a statement.
A board composed of business and professional sports experts will advise athletic director Mitch Barnhart and school president Eli Capilouto under the proposed model, which the school is calling one of the first in Division I sports.
"We believe this is an innovative approach -- a new structure and governance model that thoughtfully contemplates how we strengthen athletics, protect and promote the university and open up new opportunities for growth," Capilouto said. "It's a foundation and model that we are calling Champions Blue. Athletics and its success have always been the result of an incredible and productive partnership with campus. It will continue to be in the future -- if we seize the opportunities in front of us to meet the challenges that lie ahead."
The public-private partnership could give the school access to unorthodox revenue streams like real estate as collegiate sports undergo a transformational shift with schools -- under the terms of the House settlement -- expected to be able to give a pool of $20 million to athletes who may also still have the opportunity to capitalize on outside NIL deals. The school said the proposed model, which would make the athletic department a holding company, is one it has used outside athletics to acquire a pair of local hospitals.
Last week, a study led by former Auburn athletic director Jay Jacobs advised that schools should consider hiring human resources departments and operating like businesses instead of traditional athletic departments.
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Just sayin': I'm not a lawyer; however, I have always believed that the primary purpose of establishing a LLC is protect the personal wealth/property of those people and/or organization running the LLC. If a Limited Liability Company gets sued (for any reason) the person suing can only get a monetary judgement against the Limited Liability Company, etc.
I knew someone would go this way. It just makes too much sense. Solves every problem.
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