EAST LANSING, Mich. (AP) - A suburban Detroit mortgage company led by a former Michigan State basketball player will pay $500 a month to all basketball and football players at his alma mater.
The sponsorship by Mat Ishbia and United Wholesale Mortgage will provide more than 130 athletes with $6,000 a year. The NCAA in July said athletes could be paid for their name, image, or likeness.
"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," Ishbia said in a statement released Wednesday.
Ishbia was a walk-on member of Michigan State’s 2000 national championship basketball team. Three former teammates, including star guard Mateen Cleaves, work at his company.
"Having access to resources like this would have made a huge difference in my career in a very positive way," said Cleaves, who had a brief NBA career.
In February, Ishbia announced a $32 million donation to MSU’s athletic program.
Elsewhere, BYU said all 123 football players will get an opportunity to be paid to promote products made by a Utah protein snack company.
American Top Team, a chain of mixed martial arts gyms, is offering a $500 monthly contract to Miami’s 90 scholarship players for advertising the gyms on social media.