AUSTIN, Texas--(BUSINESS WIRE)--Apr 24, 2024--
Ouro, a global fintech company founded in 1999 by former University of Texas (UT) students and Netspend founders Roy and Bertrand Sosa, today announced a game changing partnership with Texas One Fund, the Official NIL Collective of University of Texas Athletics, that is inclusive of benefits for all UT student-athletes. The multi-year partnership offers financial literacy training and money management programs, and the opportunity for all eligible student-athletes across all 21 men’s and women’s sports teams to participate and be compensated.
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“This is an incredible opportunity for all of our student-athletes,” said Chris Del Conte, Vice President and Athletics Director of The University of Texas at Austin. “Like all young people, they need to build financial skills and judgment, and their unique circumstances make the need especially critical. With Ouro’s willingness to collaborate with Texas One Fund on an initiative that gives every student on every team a financial opportunity now and skills for the future is tremendous.”
Through the partnership, UT student-athletes who register for the X World Wallet, Ouro’s digital multi-currency wallet and payments app, will qualify to earn regular payouts as they promote the product and complete monthly financial training sessions and share their experience with the program across social media and various other marketing activities.
“Student-athletes know better than anyone that the small stuff, the everyday choices are what lead to big wins,” said Roy Sosa, Ouro Co-founder and CEO. “That’s the focus we’re bringing to their financial futures with the X World Wallet NIL program: here’s a tool and income you can use today along with the coaching and skills you need to make sure it pays off in the future, too.”
The program will kick off with a two-phased launch, beginning with an initial rollout this spring, and expand in the fall 2024 as various sports teams return for their new seasons.
"We believe this partnership with Ouro will be transformative for our student-athletes," said Patrick “Wheels” Smith, President of Texas One Fund. "It aligns perfectly with our mission to prepare students for success with integrity in all aspects of their lives – by equipping students with practical money skills and a cutting-edge financial tool, Ouro is investing in their long-term success on and off the field."
Ouro’s NIL program exemplifies the company’s founding commitment to expanding access to financial management tools and education and responds to a pressing need among college students, especially student-athletes navigating NIL opportunities.
"This NIL program is at the core of Ouro's financial empowerment mission as we continue to reimagine financial services on a global scale," added Bertrand Sosa, Ouro Co-founder, President and Chief Brand Officer. “Our collaboration with Texas One Fund is an immense source of pride and inspiration, because we know first-hand the power of ‘what starts here changes the world.’”
X World Wallet users can load their accounts from an existing bank account, debit card or credit card, spend money loaded on the accounts anywhere Visa debit cards are accepted, send money to other X users instantly, earn X points on everyday purchases that convert to cash instantly, exchange currencies in real-time, and more. Learn more at xworldwallet.com.
About Ouro
Ouro is a global, vertically-integrated financial services and technology company dedicated to the delivery of innovative financial empowerment solutions to consumers worldwide. Ouro's financial products and services span prepaid, debit, cross-border payments, and loyalty solutions for consumers and enterprise partners. Since its founding in 1999 by industry pioneers Roy and Bertrand Sosa, Ouro products have processed almost a trillion dollars in transaction volume and served millions of customers worldwide. The company is headquartered in Austin, Texas with regional offices across the world. For more information, visit ouro.com.
About Texas One Fund
The Texas One Fund is the premier NIL collective providing opportunities for student-athletes at Texas. Texas One Fund, Inc. is a 501(c)(3) organization created to connect student-athletes to utilize their NIL to promote local nonprofits. TX 1 Fund, LLC is the corporate extension of the Texas One Fund and collaborates with businesses to provide corporate opportunities for Texas athletes.
X World Wallet users can load their accounts from an existing bank account, debit card or credit card, spend money loaded on the accounts anywhere Visa debit cards are accepted, send money to other X users instantly, earn X points on everyday purchases that convert to cash instantly, exchange currencies in real-time, and more. (Photo: Business Wire)
Former University of Texas students and brothers Roy and Bertrand Sosa founded Ouro in 1999. (Photo: Business Wire)
University of Texas student-athletes across all 21 men’s and women’s sports teams can participate and earn compensation through a new NIL initiative Ouro and Texas One Fund announced today. (Photo: Business Wire)
LAS VEGAS (AP) — Boos began raining down on Golden Knights captain Mark Stone at American Airlines Center in Dallas the moment he first touched the puck. They didn't let up whenever the first-round series was in Dallas.
Stars fans weren't happy that the poster boy of all that is questionable with how long-term injured reserve operates was back on the ice just in time for the playoffs.
Again.
No team is more scrutinized than Vegas for how it uses LTIR. To critics and skeptical fans, it looks very much like manipulation of the salary cap — even though the NHL has steadfastly maintained it is fine with it all.
Stone has gone on LTIR each of the past three seasons, which allows the Golden Knights to exceed the cap by roughly the amount of his salary until the playoffs begin. The Knights have taken advantage by acquiring players such as Jack Eichel, Ivan Barbashev, Tomas Hertl and Noah Hanifin. It was Hanifin's goal Friday night that forced a Game 7 against Dallas.
The past two years — after back surgery in 2023 and recovering from a lacerated spleen this season — Stone was activated off LTIR for the postseason opener.
As many fans around the league howled at the remarkable timing of Stone's recovery, a smiling Hayley Thompson posed with a fan wearing her husband's No. 61 jersey with LTIR on the nameplate.
Vegas is hardly alone in using LTIR to its benefit. PuckPedia's Hart Levine said 69% of teams used LTIR this season to exceed the cap, which is $83.5 million this season. The website that tracks salaries around the league also lists 10 playoff teams ending the regular season having exceeded the cap, with the Toronto Maple Leafs ($14.15 million over) and Tampa Bay Lightning ($10.27 million) topping the list.
Vegas is third at $8.72 million above the cap. The team gets attention because it has used LTIR every year to seek talent at the trade deadline. Unprompted, general manager Kelly McCrimmon took a few moments to address the issue before the postseason began. He said "the NHL is 100% involved” in all matters involving LTIR.
McCrimmon said the league had complete access to Stone's medical information and NHL doctors communicated with the surgeon and the Golden Knights' medical staff.
“That's what keeps the system legitimate,” McCrimmon said. “They are the people that are fully involved in this. I don't know maybe fans or media understand the degree to which these injuries are scrutinized. We've had the situation with Mark. Ironically, it's the same player. We talked openly what his surgery was a year ago. This year was a freak accident.”
Levine noted that a timeline of Stone's recovery had to be provided to the league and the process documented. He also said there are parts of the process open to interpretation.
“The fact that (Stone) was magically healed and ready to go for Game 1 of the playoffs for the second year in a row obviously leaves a poor taste in everybody's mouth," Levine said. “I certainly think it's a bad look and it does lead to frustration among fans, which is important. I don't think anything was done that was against the rules. No one cheated or anything. It's just using the rules as they are and living in a bit of the gray area.”
Chicago star Patrick Kane was placed on LTIR in 2015 with a broken clavicle, the Blackhawks added three players at the trade deadline and he returned in time for the playoffs. The Blackhawks went on to beat the Lightning in the Stanley Cup Final.
Tampa Bay used the rule to its advantage when Nikita Kucherov missed the pandemic-shortened season because of hip surgery and Steven Stamkos went on LTIR with a lower-body injury before the trade deadline. Each player returned in time to help the Lightning repeat as champions.
“We had a great season,” Carolina defenseman Dougie Hamilton said back in 2021 after the Hurricanes were eliminated by Tampa Bay in the second round. “We lost to a team that’s $18 million over the cap.”
Fans accused the Blackhawks and Lightning of circumventing the cap, much like the criticism of Vegas in recent years.
It’s unclear if the league and NHL Players’ Association will discuss the matter again as soon as this summer, though it has been on the radar as a topic. Deputy Commissioner Bill Daly said to this point there has been no groundswell of opposition demanding change.
Levine said there are possible solutions, such as limiting a team exceeding the cap to replacing only 50% of the lost annual salary. He added that things need to be simplified; how much of a salary gets freed up depends on a complicated formula that is not spelled out in the collective bargaining agreement.
“It's in memos and verbal discussions with the league,” Levine said. “There are many front-office people who manage the cap that really don't have a great handle on all the intricacies.”
He said no other major sport leagues use this kind of system where an injury can end up benefiting a team when the postseason begins.
“I would say there's definitely a possibility of a change because I do think it's rather embarrassing for the league,” Levine said.
AP Hockey Writer Stephen Whyno contributed.
AP NHL playoffs: https://apnews.com/hub/stanley-cup and https://apnews.com/hub/nhl
Tampa Bay Lightning center Steven Stamkos (91) celebrates his goal against the Florida Panthers with right wing Nikita Kucherov (86) and defenseman Matt Dumba (24) during the third period in Game 4 of an NHL hockey Stanley Cup first-round playoff series, Saturday, April 27, 2024, in Tampa, Fla. (AP Photo/Chris O'Meara)
Vegas Golden Knights defenseman Noah Hanifin (15) celebrates after scoring against the Dallas Stars during the third period in Game 6 of an NHL hockey Stanley Cup first-round playoff series Friday, May 3, 2024, in Las Vegas. (AP Photo/John Locher)
Vegas Golden Knights goaltender Logan Thompson (36) celebrates with Mark Stone (61), Noah Hanifin (15) and Zach Whitecloud (2) after Game 1 of an NHL hockey Stanley Cup first-round playoff series against the Dallas Stars in Dallas, Monday, April 22, 2024. The Golden Knights won 4-3. (AP Photo/Tony Gutierrez)
Vegas Golden Knights right wing Mark Stone (61) celebrates with the bench after scoring against the Dallas Stars in the first period in Game 5 of an NHL hockey Stanley Cup first-round playoff series in Dallas, Wednesday, May 1, 2024. (AP Photo/Tony Gutierrez)
Vegas Golden Knights right wing Mark Stone looks on during the second period in Game 2 of an NHL hockey Stanley Cup first-round playoff series against the Dallas Stars in Dallas, Wednesday, April 24, 2024. (AP Photo/Tony Gutierrez)
