NEW YORK, July 2, 2021 /PRNewswire/ — On July 1, two college athletic departments – The University of Pennsylvania (Penn) and Penn State University (PSU) – announced that they are joining forces with Spry. These partnerships will help their compliance departments manage the opportunities and risks associated with Name, Image, and Likeness (NIL) implementation.
NIL has emerged as law in some states, as of July 1. In addition, the NCAA issued a policy in those states without such laws. Thus, student-athletes, on a national basis, can be compensated for their name, image, and likeness as they participate in collegiate athletics.
While a worthwhile endeavor, NIL does create risks for NCAA compliance departments who still must abide by the association’s bylaws when it comes to issues such as recruiting inducements and payment for performance, which are not permitted.
Spry helps solve that problem, something Wake Forest University and Oral Roberts University recognized last winter when they announced that they would be working with Spry.
Now, two more universities have followed suit.
Penn’s Division of Recreation and Intercollegiate Athletics is “well-positioned to meet the needs of our student-athletes regarding NIL,” according to Interim Director of Athletics and Recreation Rudy Fuller.
To that extent, “Penn Athletics has partnered with Spry, an NIL company that solves the unique needs of both athletic departments and student-athletes in one comprehensive platform. SPRY will save time for student-athletes and Penn administration, simplify education, and reduce risk.”
PSU, meanwhile, announced its STATEment program, which will “aide students in understanding and growing their brand through meaningful education programs and an emphasis on entrepreneurship,” according to Vice President for Intercollegiate Athletics Sandy Barbour.
Spry will be one of PSU’s partners providing resources to students as part of STATEment. “Spry will serve as a one-stop shop for the students, becoming the educational hub for STATEment, as well as a reporting headquarters for required disclosure of opportunities,” according to the university.
“We couldn’t be prouder to be working with these two fine institutions,” said Spry Founder and CEO Lyle Adams, himself a former student-athlete. “We’ve had dialogue recently with many other colleges and universities and expect more announcements in the coming weeks.”