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The Weekender: Miami's 'NIL King' John Ruiz's LifeWallet Likely Going Out of Business, Louisville's Top Wide Receiver Caullin Lacy Breaks Collarbone and Rutgers AD Pat Hobbs Resigns

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There is 'substantial doubt' John Ruiz, dubbed Miami's 'NIL King,' can keep his company, LifeWallet, in business, Louisville's top wide receiver Caullin Lacy breaks collarbone and Rutgers AD Pat Hobbs Resigns.

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"The Company has concluded that, despite the aforementioned financing arrangements, 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 offering of debt or equity securities, we have concluded it is probable we will be unable to continue to operate as a going concern beyond the next twelve months.

In a sudden, unexpected move, Rutgers athletic director Pat Hobbs – the AD with the longest continuous tenure within the Big Ten – resigned Friday afternoon due to his health and a recent meeting with his"cardiac team," according to "I want to thank Pat for his remarkable nine-year tenure at Rutgers, during which we have seen our men's and women's teams become leaders and successfully compete in the Big Ten, both on and off the field," Holloway said in a message to university leaders."I have asked Ryan Pisarri, deputy athletic director and chief of staff, to serve as interim Director of Intercollegiate Athletics. A search for a new permanent athletic director will begin as soon as possible.

 

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'Substantial doubt' over company of Miami booster John RuizMiami's mega-booster, who has spent millions on NIL deals for Hurricanes athletes in recent years, told investors this week that there is 'substantial doubt' that his company, LifeWallet, will stay in business, according to an SEC filing.
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