Michigan State football, men's basketball players to receive monthly stipend from mortgage company
United Wholesale Mortgage is putting the "green" in the green and white.
Michigan State basketball and football players will receive a monthly stipend funded by United Wholesale Mortgage, which former MSU basketball walk-on Mat Ishbia now leads.
The company, a top wholesale mortgage lender, announced via news release Wednesday that it will sponsor all 133 MSU men's basketball and football players for the upcoming school year.
Each student-athlete will be paid $500 per month during the duration of their season through funds provided by Ishbia and UWM.
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Ishbia donated a record $32 million to MSU athletics in February, but the stipends are a "separate" effort, according to the release.
Competing lender Rocket Mortgage, run by fellow Spartan Dan Gilbert, inked a five-year deal in March to be the "presenting sponsor" of Michigan State basketball — meaning that company's name and logo will be referenced throughout the Breslin Center and on radio broadcasts. (The MSU women's basketball team's "presenting sponsor" is MSU Federal Credit Union.)
The pay for players was forbidden by the NCAA as recently as June, but the organization changed its rules in July to allow student-athletes to profit off their name, image and likeness. Most NIL deals so far have been for individuals, though there have been exceptions, such as a Utah company pledging to cover tuition for all walk-on football players at BYU and a Wisconsin restaurant chain compensating the Badgers' offensive line with barbecue. One of the largest NIL deals appears to be a Miami gym offering $500 stipends to the entire Miami (Florida) Hurricanes football roster.
“The Spartan family sticks together, and that’s what makes MSU athletics so special,” Ishbia said in Wednesday's statement. “Each player contributes to the team in a positive way and we’re excited to help support them, while also helping educate consumers about the benefits of independent mortgage brokers.”
He walked on to the men's basketball team and won a national championship under Tom Izzo in 2000. Since starting United Wholesale Mortgage, Ishbia has employed fellow MSU teammates Mateen Cleaves, Charlie Bell and Adam Wolfe.
“I was a star athlete and having access to resources like this would have made a huge difference in my career in a very positive way,” Cleaves said. “What UWM is doing for these Spartan athletes is unprecedented, and aligns closely with what Coach Izzo and MSU taught us, which is to always take care of our family.”
UMW did not provide further details when emailed Tuesday evening by the
Free Press sports writer Chris Solari contributed to this report.