One of the University of Miami’s most influential name, image and likeness backers is facing a slew of issues that could have an impact on the athletic programs.
The Miami businessman has played a sizable role in bringing an influx of money into the school’s athletic programs through NIL deals involving his company LifeWallet, and the NIL money — and his presence — has helped draw athletes to the university, with Ruiz front and center. To add to the issues, LifeWallet’s value has dropped since the company went public. It was once valued at $32 billion, but stock prices have reportedly dipped to below $0.25 per share.