When Cody Campbell co-founded The Matador Club, Texas Tech’s exclusive Name, Image and Likeness collective, he and his partners consulted attorneys and NCAA experts to ensure they did everything by the book.
After a recent memo from the IRS warned that NIL collectives offering tax deductions for donations could be illegal, they sought guidance from tax attorneys as well.
“It’s just constantly trying to read the legal tea leaves,” said Campbell, a former Red Raiders offensive lineman and the co-founder and CEO of Double Eagle Energy in Fort Worth. “There’s so much of this that doesn’t have precedent.
