Deal believed to be the largest NIL by a non-professional athlete
NEWPORT BEACH, CA –March 14, 2022 - Forward Counsel today announced that it handled the largest name, image and likeness (NIL) deal for a 5 Star high school athlete worth an estimated $8 million even before his senior year in college. According to the athlete’s attorney Michael W. Caspino, the agreement gives the unnamed athlete $350,000 immediately and a monthly payment that will increase to more than $2 million per year. The amount is contingent on the athlete making public appearances, taking part in social media promotions and other NIL activities on behalf of the collective or a third party.
“In my experience, high school athletes don’t have an advantage against the power and influence of the marketers and promoters. It’s my goal to change that,” says Caspino, who has worked with hundreds of high school and college athletes and coaches as a part of his law practice. “The greatest sin in these NIL agreements is found in the exploitation of the athlete’s potential future earnings. These athletes need to know they have advocates on their side so they don’t mortgage their lives away.”
Caspino’s client has not yet signed a letter of intent with a university and is not bound to do so despite the multi-million-dollar deal.
“NIL contracts are the new frontier. As with any uncharted territory, even the NCAA and major universities are struggling to find balance in this ever-changing world,” says Caspino. “The NIL world will never naturally evolve to a point where the student-athlete has the same contractual bargaining expertise as the marketers/promoters. I hope this deal is an example of how that can change.”
Since the Supreme Court upheld a lower court's decision in June 2021 that threw out the NCAA's restrictions on “education-related benefits," almost 30 states have passed legislation about NIL and its governance, despite there being no federal law to oversee it.
About Forward Counsel
Forward Counsel is a full-service business law firm headquartered in Orange County, California focused on litigation and transactions. It services clients from every corner of the globe, with an intimate in-house approach.
