Dominate the group chat with The Weekender, which highlights the biggest stories in college sports, features standout articles from Eleven Warriors, and provides perspective on the given topic.
“Significant doubts” whether John Ruiz, Miami’s “NIL King,” can keep his company LifeWallet in business
The University of Miami has certainly used the NIL era to its advantage, and rightly so, but it seems it may need a new mega-booster in the future to continue that trend. Once dubbed the Hurricanes’ “NIL king,” there are “substantial doubts” that John Ruiz’s company LifeWallet can stay in business after the major loss adjustment firm posted revenue of $7.7 million last year but suffered a net loss of $211 million in 2023, according to an SEC filing.
“The Company has concluded that, despite the financing arrangements referred to above, 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 issuance of debt or equity securities, we have concluded that we are likely not able to continue as a going concern beyond the next twelve months.”
In 2021, the first year NIL became part of college sports, Ruiz spent more than $10 million on athletes and quickly became the face of the NIL front for Miami. With the majority of those dollars going to football players that year, he transitioned in recent years to supporting the Hurricanes’ basketball teams as well, especially in the transfer portal.
But Miami may have to look for a new major investor if lawyer Ruiz fails to keep LifeWallet operational in the future.
Louisville’s best wide receiver Caullin Lacy breaks his collarbone
Louisville, 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 practice game of fall camp on Saturday, the school said. Depending on the severity of the injury, the transfer from South Alabama is expected to be out 6-8 or 8-12 weeks.
Lacy was one of the top 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 on larger roles.
The Cardinals finished 10-4 last season, their best record since 10-3 in 2016.
Rutgers AD Pat Hobbs resigns for health reasons
In a sudden, unexpected move, Rutgers athletic director Pat Hobbs — the longest-tenured athletic director in the Big Ten — resigned Friday afternoon due to health concerns and following a recent meeting with his “heart team,” ESPN reported.
“After meeting with my heart team this week and just receiving the results of my final round of testing, it is clear that I cannot continue to serve as athletic director given the demands of the position,” Hobbs wrote in an email to school president Jonathan Holloway. “I realize this is not the ideal time for me to leave, but other factors must take precedence.”
Hobbs had a contract through 2028 but decided to step down to focus on himself, and rightly so. He will be replaced by assistant athletic director Ryan Pisarrio, and the school will begin searching for a permanent replacement immediately.
“I want to thank Pat for his remarkable nine-year tenure at Rutgers, during which we saw our men’s and women’s teams become elite and compete successfully in the Big Ten both on and off the field,” Holloway said in a message to university leadership. “I have asked Ryan Pisarri, associate athletic director and chief of staff, to serve as interim director of intercollegiate athletics. The search for a new permanent athletic director will begin as soon as possible.”
Hobbs has been athletic director at Rutgers since 2015.
In case you missed me
James Laurinaitis says Cody Simon is Ohio State’s most complete linebacker, senior will be the backbone of the unit in 2024
James Laurinaitis says Cody Simon is Ohio State’s most complete linebacker as the senior is primed to be the backbone of his position.
Will Howard stood out as Ohio State’s starting quarterback with “great progress” in training camp: “He makes all the throws”
Chip Kelly said Will Howard made “great progress” from spring training camp to preseason training camp, and Jim Knowles said Howard “made all the throws” in practice.
Preview of Ohio State’s 2024 football season
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 (31 August): Ohio State’s season opener against Akron
- 104 days (November 30): The game
