Michigan opens NIL exchange
Michigan has just announced that the VICTORS exchange platform is now open to the public. From the announcement:
“The VICTORS Local Exchange is a student-athlete NIL business registry, custom-designed for businesses, donors, alumni and other interested NIL dollars wishing to connect specifically with student-athletes at the University of Michigan. Registered companies can search, filter and initiate conversations with your student-athletes to discuss an NIL deal. Once the NIL deal between a registered business and student-athlete(s) is completed, the business will use the VICTORS Exchange to create a transaction that directly pays the student-athlete (without any transaction fee) and automate a disclosure to the INFLCR Verified Compliance Ledger.”
Link here: https://mgoblue.com/news/2022/2/9/general-michigan-opens-victors-exchange-platform-to-public.aspx
February 9th, 2022 at 9:48 AM ^
Money Cannon - commence fire
February 9th, 2022 at 11:17 AM ^
As soon as the blog creates a fund to pass to the players, I’ll pledge $50 a month. I’ll give one time donations to the fund in varying degrees on Saturdays in the fall…
February 9th, 2022 at 11:46 AM ^
I'm sure plenty of people would pay extra to have their HTTV signed by one of the players. Or let the player come to one of the pickup locations and sign in person for $50.
February 9th, 2022 at 12:10 PM ^
is this like an MGoCameo?
February 9th, 2022 at 12:10 PM ^
Blue LSU -$50? Why so cheap? $50 isn’t going to move the needle!
February 9th, 2022 at 12:46 PM ^
Temporary shortage of liquidity.?♂️
February 9th, 2022 at 2:05 PM ^
Let's not stop there! Maybe invite some of them to one of Dennis's camping trips, where they can autograph our MGoCamping t-shirts for every enrolled MGoCamper...
https://mgoblog.com/comment/4887546
...and part of the proceeds go to help support MGoBlog. After legal costs, of course.
February 9th, 2022 at 3:48 PM ^
I think that's my favorite thread of all time. This comment gets me every time:
do the lurkers just stand around and watch without saying anything there, too?
February 9th, 2022 at 11:52 AM ^
I would be 100% interested in contributing to a MGOBLOG managed NIL fund.
February 9th, 2022 at 12:30 PM ^
I've long wondered why Brian didn't have something like this already up and running when NIL was first allowed. It could have been collecting donations prior, just waiting for opening day.
So Brian - set this up for us, and sure, go ahead and skim some off the top as a management fee to offset the cost of it as well as make some profit. I mean, you're in business to make some profit for yourself, so friggen do it! Nobody here will give one flying rat's ass about such a skim (especially if it's stated as such up front)!
February 9th, 2022 at 12:42 PM ^
Deleted because it seemed hypocritical 
February 9th, 2022 at 1:39 PM ^
This is great, but can they use the block M? The TM'ed Michigan word marks? If not, there would seem to be an opportunity here. Work through the Victors program, and, for an additional percentage, the student-athlete can appear in Michigan branded gear. Of course, the business could only use Michigan TM's when pictured on the student athlete.... but no more weird basketball cards with HD in a plain maize uniform.
February 9th, 2022 at 10:37 AM ^
Love me some classic, well applied MGoGifs +1
February 9th, 2022 at 11:18 AM ^
Apologies for double post....
February 9th, 2022 at 9:52 AM ^
???????????
February 9th, 2022 at 10:19 AM ^
This makes the process legit and bagmen obsolete (or pushed to the fringe).
I like that a company can pick anyone from the starting QB to a non-revenue sport athlete and fire the money canon.
February 9th, 2022 at 11:56 AM ^
Yeah, hopefully being able to look at a player's profile and face encourages businesses and start-ups to connect with players beyond the most obvious stars.
February 9th, 2022 at 9:52 AM ^
Brian, can you (or Seth or a lawyer or accountant in MI) get an MGo registered company so we can just PayPal/ Venmo the kids directly?
If it's somehow a non-profit, that would be even better (save a few $ on taxes).
February 9th, 2022 at 10:14 AM ^
If it's a pass through with no retained income, there shouldn't be taxes.
February 9th, 2022 at 10:25 AM ^
Wouldn't be taxes at the entity level, but whoever has that income passed through to them would be taxed on it...
February 9th, 2022 at 10:42 AM ^
Uh, Yeah. You pay taxes on income. The shell business wouldn't pay taxes because it won't make money, but the kids who get the money should regardless of the structure of the company who pays them. So...?
February 9th, 2022 at 1:59 PM ^
Would still have to deal with tax filings and 1099s, etc. No taxes doesn't mean no compliance, unfortunately.
February 9th, 2022 at 8:42 PM ^
Tax talk during tax season, I'm in. The gift tax exclusion is 15k (Lowers taxable income for the donor)
A 529 savings plan can be contributed to tax free up to 10k giving the donee 10k of basis before any earnings that can grow tax free and if used on college expenses can be withdrawn tax free.
Even further, gifts > 15k could be annuitized thereby still avoiding the threshhold.
February 9th, 2022 at 11:03 AM ^
I believe jblaze wants his contributions to the MGoNILLC* to be tax-deductible. The obvious candidate would be some flavor of 501(c) recognition, but I am pretty sure that none of the applicable exemptions would work. The MGoNILLC's very purpose violates the private inurement prohibition.
*I do want to pat myself on the back for this name.
February 9th, 2022 at 11:21 AM ^
Tax deductible contributions to student athletes (SA)? Unless the agreement is to fund one of the SA's charitable foundations, that would be a nope.
February 9th, 2022 at 11:37 AM ^
jblaze would not be making direct payments to student athletes. As I understand the proposal, he wants Seth or Brian to create a tax-exempt entity to which he can make tax-deductible contributions. That entity will then enter into NIL deals.
February 9th, 2022 at 11:57 AM ^
I understood. But. That would truly take some creative structuring and "defining of charitable purpose" for ultimate distrubution to ball players. I'd dearly love to read their submission for tax exempt approval, lol.
February 9th, 2022 at 1:17 PM ^
What if part of the money went to pay tuition for PWOs or other non-scholarship athletes? Instead of NIL $ those kids would get scholarships. Would that count as a charity? How much scholarship money would have to be handed out to get the charitable exemption?
February 9th, 2022 at 2:31 PM ^
Yes, you can structure scholarships and, possibly get a charitable write off. It's not amount based, it is "purposes based".
February 9th, 2022 at 12:35 PM ^
Nice name, and all... But wouldn't it be MGoNILLLC? I think you missed an L...
* - MGoName, Image, Likeness, Limited Liability Company
February 9th, 2022 at 1:34 PM ^
If we were doing this properly, yes. But I liked the portmanteau of MGoNILLC more than the strict accuracy of MGoNILLLC or MGoNIL, LLC, so I ran with it.
February 9th, 2022 at 4:06 PM ^
MgoFundEm is my nomination
February 9th, 2022 at 10:29 AM ^
Who does the board sponsor tho? I personally would want the funniest possible candidate so my vote would be Michael Barrett
February 9th, 2022 at 10:43 AM ^
Michael Barrett is the obvious choice but UFR Darling Erick All deserves consideration
February 9th, 2022 at 11:22 AM ^
Taco Pants, obviously...
February 9th, 2022 at 11:01 AM ^
Honestly as much as I love the main 3 sports, It would be cool to spread the $$ to some non revenue sports.
February 9th, 2022 at 11:08 AM ^
Can we sign up Naz Hillmon before she graduates? That would be awesome.
February 9th, 2022 at 11:15 AM ^
Great idea!
February 9th, 2022 at 11:17 AM ^
Obviously the Blocky/Catchy Spectrum.
February 9th, 2022 at 10:51 AM ^
MGoSuperPAC….Players Acquiring Cash
February 9th, 2022 at 9:56 AM ^
Leaders and the Best......
lagging just slightly behind a few others (to be determined if those ahead of us get DQ'd at some point)
February 9th, 2022 at 9:58 AM ^
LFG...It took 22 years but we made it to the 21st century!
February 9th, 2022 at 10:00 AM ^
Can we (MGOBLOG) sponsor a player? I'm mostly serious.
February 9th, 2022 at 11:33 AM ^
Do former players count? I thinking of former four star recruit Seth Fisher from Wylie E. Groves High School. I hear his career has gotten sidetracked at some sports blog in Ann Arbor.
February 9th, 2022 at 12:12 PM ^
I know you were joking a bit but your question opens up some interesting issues:
-can former athletes in fact access the site?
- can current or former coaches, GA’s, etc access the site?
- how about the band?
- etc.