We all know and love PayPal, and now it appears as though the popular payment platform has entered into an agreement with the Big Ten to be the official payment system for direct revenue-share payments to athletes.
This is on the heels of the House Settlement that not only provides the distribution of a settlement to past athletes, but also paves the way for direct revenue share payments to athletes going forward. For Ohio State’s part, Athletic Director Ross Bjork announced that the $20.5 million allotted for payments will fund all scholarships, then split between four sports; football, men’s and women’s basketball, and women’s volleyball.
It’s not just the Big Ten that announced the arrangement with PayPal, but the Big 12 as well.
“We’re proud to help lead this transformation in college athletics by making it easier and faster for student-athletes to receive funds and continue to bring trusted and innovative commerce solutions to the heart of campus life,” said Alex Chriss, President and CEO, PayPal in a statement. “From receiving institutional payments to making everyday purchases, we’re helping student-athletes, families, and schools engage in new ways that are modern, secure, and built for the future.”
“We look forward to partnering with PayPal to ensure a secure, rapid and reliable way for student-athletes to receive institutional payments as we welcome in this new era in college athletics,” said Big Ten Commissioner Tony Petitti, also in a statement.
I still can’t believe we are at this point in college athletics, but time to embrace it and move forward. It’s a good thing that these kids are getting what they’ve deserved for a long, long time.
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This article originally appeared on Buckeyes Wire: Big Ten and PayPal announce partnership for direct revenue share payments
Reporting by Phil Harrison, Buckeyes Wire / Buckeyes Wire
USA TODAY Network via Reuters Connect
