Minnehaha Academy alum Hercy Miller inks $2MM endorsement deal

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Ragnor said:
Pretty sure a parent can, but in excess of $10,000/year is taxed (this is my recollection). People can try roundabout ways to bypass this but they can run into legal jeopardy like appears will happen in the Trump organization based on the hints from the charges against the CFO and the Corporation.
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This $2 million will be taxed as well
 

Bob_Loblaw said:
This is entirely his dad giving him $2 million through a shell company. He is not worth $2 million. The company, itself, isn't worth $2 million.

As far as the U, I think it's going to be more about people who generate clicks than it is about having companies and business connections. I think these athletes are going to make money in a similar way to how podcasts make money.

As to it impacting the U, i'm not sure if it helps schools like us more than Ohio State. Ohio State was ALWAYS going to get the top recruits but with the chance of making money on endorsements, there might be a HIGHER premium on getting early playing time - - or being THE man rather than A man.

But honestly, I have no idea how it's going to turn out.
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Maybe you are right, I guess we will see. The numbers were shrinking already of people that follow college football and basketball and judging by ticket sales and general interest, that is going to continue with this trend. In the end, there may not be that much money to fight over anyway.
 

WoodburyTim said:
Maybe you are right, I guess we will see. The numbers were shrinking already of people that follow college football and basketball and judging by ticket sales and general interest, that is going to continue with this trend. In the end, there may not be that much money to fight over anyway.
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Wrong. Gambling is going to be massive. The u bet against sports in the early 80s and lost big.
 

GopherBlood666 said:
After reading the comments here, seems to me this is mostly a publicity move. He gets to be the first player to announce something like this.
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This way makes him look like a star to people who don't follow the situation. It's not much different than when he essentially bought his son Romeo a scholarship on the USC basketball team. It's not about the money, it's about making his sons look a certain way.
 

Bob_Loblaw said:
This way makes him look like a star to people who don't follow the situation. It's not much different than when he essentially bought his son Romeo a scholarship on the USC basketball team. It's not about the money, it's about making his sons look a certain way.
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It had more to do with a 5 star prospect than Master P.
www.google.com

Make 'Em Say Huh? Why Percy Miller Jr. Can Thank DeMar DeRozan for USC Spot

Percy Miller Jr. Percy Miller Jr. Percy Miller Jr. Percy Miller Jr. Percy Miller Jr. Say his name five times and he appears like Candyman...
www.google.com www.google.com
 


Spaulding!No! said:
Wrong. Gambling is going to be massive. The u bet against sports in the early 80s and lost big.
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Hate to break it to you but most of the people that wanted to bet on sports were already doing so. Or maybe all the gamblers were scared away by the zero people that Justice Department prosecuted for internet gambling in the last 20 years? Hahaha.
 

Agree with everyone who says this is just his dad giving him some money.

And also doing it in a way to generate publicity and try to pump up his son's "brand" (and/or perhaps his own).
 

Also semi-interesting (not really though) that TSU is one of the few HBCU's that isn't actually in the two traditional HBCU conferences in DI (SWAC and MEAC).

Although I think very recently a couple from those two are finally leaving.
 

WoodburyTim said:
Hate to break it to you but most of the people that wanted to bet on sports were already doing so. Or maybe all the gamblers were scared away by the zero people that Justice Department prosecuted for internet gambling in the last 20 years? Hahaha.
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We are barely out of the gambling gate.
 



Ragnor said:
Pretty sure a parent can, but in excess of $10,000/year is taxed (this is my recollection). People can try roundabout ways to bypass this but they can run into legal jeopardy like appears will happen in the Trump organization based on the hints from the charges against the CFO and the Corporation.
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The annual per person exemption is closer to $15,000 now. You can avoid gift taxes (entirely legally) on gifts of more than $15,000 per person but you would have to use some of your unified credit so your estate would get a smaller exemption than the maximum at your death. The estate exemption is large enough now so that having a smaller exemption at death isn't an issue for 99.5+% percentage of the population these days. There is no reason for the overwhelming majority of individuals to ever pay a federal gift tax now because they will never need all of their unified credit at death.
 


WoodburyTim said:
Hate to break it to you but most of the people that wanted to bet on sports were already doing so. Or maybe all the gamblers were scared away by the zero people that Justice Department prosecuted for internet gambling in the last 20 years? Hahaha.
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I don't think this is true at all.

I think for the people who really wanted to gamble on sports, we've always gambled. There is an entire new crop of sports gamblers who see things like DraftKings much more like fantasy football. I was all for sports betting to be made legal but I think it's certainty that it has and will continue to create more sports gamblers (or at least people who will gamble more often).
 

UpAndUnder43 said:
Master P is worth like $800 million. Just giving his son some walking around money. Will happen again in a couple years when Mercy goes to school.
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He is currently estimated to be worth $200 million. Either way, he has some cash. I'm not saying you are wrong, but I have always wondered how anyone knows the net worth of someone?
 



LakevilleBro said:
He is currently estimated to be worth $200 million. Either way, he has some cash. I'm not saying you are wrong, but I have always wondered how anyone knows the net worth of someone?
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Because he owns stuff? I dunno. Not my deal. I thought it was more. Regardless he funneled 1% of his net worth to his kid—with lower/no taxes. Smart.
 

UpAndUnder43 said:
Because he owns stuff? I dunno. Not my deal. I thought it was more. Regardless he funneled 1% of his net worth to his kid—with lower/no taxes. Smart.
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The kid has to pay taxes on it, though? Granted, your point is still correct.
 

MplsGopher said:
The kid has to pay taxes on it, though? Granted, your point is still correct.
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I said lower taxes. Had he just written a check to him you pay much higher taxes I’m sure. Could go into a trust, etc. I’d guess the Miller family probably has an accountant or someone to help determine this is the correct move.
 

Winner take all, naturally. This is like when Victoria's Secret recently said they were going to empower everyday women by going with established, wealthy celebrities in their ad campaigns instead of giving unknown 18 year olds their big break.
 

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