CHAMPAIGN, Ill. (WCIA)–In the wake of new state legislation allowing student athletes to profit off of their name, image and likeness, local leaders gathered to discuss the implications it can have for local businesses.
“I think there’s a lot of interest,” Visit Champaign County President Jayne DeLuce said. “There’s a lot of questions as to how this new legislation is going to impact our businesses. For instance if you have a restaurant or a player that does to that restaurant on a regular basis, what could that look like?”
Businesses will have to learn how to work out deals with players individually, and a program called Opendorse is going to play a large part in that. It’s an app that helps athletes maximize their endorsement value.
Businesses will have to work out a contract with athletes for all deals worth more than $500 dollars. Athletes will have to report their deals to Opendorse, but businesses won’t have to use it when creating a contract. The Illini credit union’s Susan McGentry says she’s excited, because this can give players from lesser known programs an opportunity to build their brands with local partners.
“By nature if you have the discipline and the talent to to be a student athlete in D1 sports, you have a brand an opportunity to be in this moment,” McGinty said.