Louisville-Based NIL Collective to Launch in August

"502Circle" is the first NIL collective that will benefit Louisville student-athletes.

LOUISVILLE, Ky. - The University of Louisville will soon be getting a major resource on the name, image and likeness front.

"502Circle", an independent Louisville-based NIL collective established to benefit UofL student-athletes, was introduced Thursday morning. It is the first NIL collective specifically created to assist UofL, and will officially launch later this summer on August 29.

The collective was founded by "a select group of University of Louisville alumni and fans," and spearheaded by Marc Spiegel - a Louisville native and UofL alumnus who is the co-founder of software company Rubicon.

“We know that most major schools have organizations like 502Circle in place, so it’s important for the Louisville community to have a similar outlet for support," Spiegel said in a release. "502Circle will utilize the latest technology to engage UofL athletics supporters, businesses, and charitable organizations. We’re creating a digital experience that can only enhance supporters’ involvement and translate into value for everyone involved.”

Not long after the NCAA permitted student-athletes to monetize off of NIL last summer, NIL collectives began popping up around the collegiate athletics landscape. An NIL collective is a pool of money from fans and donors, independent from the athletic department that is benefits, that is created for the sole purpose of funding NIL opportunities.

Last month, the NCAA's D1 Board of Directors issued "guidance" on these collectives, stating that they are subject to the same rules that traditional boosters are, and are prohibited from contacting recruits and transfers.

The 502Circle press release states that it will be "operated in compliance with state NIL laws and NCAA rules," and is "committed to a sustainable model based on a solid foundation of doing things the right way."

While there has been plenty of controversy surrounding NIL collectives and their role in recruitments since their inception, Louisville athletic director Josh Heird is completely open to utilizing them and any other resource involving NIL.

Heird told Louisville Report last week that UofL was "very quick to set up a structure of compliance" when NIL was first legalized by the NCAA, and that he had "some conversations, with donors, with supporters, with alums that are interested in starting (an NIL collective)."

"Those conversations were purely on the structure. What they can, what they can't do, it was purely from a compliance standpoint," he said. "From there, if they want to do that, then we can't say no. For us, I would look at it as one more tool in our toolbox from an NIL standpoint."

Below is the full 502Circle press release:

502CIRCLE, AN ALL-NEW NIL COLLECTIVE, ANNOUNCES THE AUGUST 2022 LAUNCH

The Louisville community’s New Name Image Likeness (NIL) organization will debut later this summer to assist UofL’s student-athletes in securing NIL opportunities.

(Thursday, June 9, 2022 – Louisville, KY)

The University of Louisville’s athletics program has a history of success. The school’s alumni and devoted fans continue to support the U of L student-athletes yearly. There is no question that college sports are a significant business in our community.

502Circle, an independent Name Image Likeness (NIL) Collective, has been established to provide opportunities for U of L student-athletes to maximize their NIL based on their hard-earned success. The platform will officially launch on Monday, August 29, and has been created as a wholly unique and cutting-edge NIL Collective, incorporating best-in-class technology. 502Circle will be operated in compliance with state NIL laws and NCAA rules. It will make it easy for supporters to become involved financially, thus translating to monetary gains for UofL student-athletes.

Founded by Marc Spiegel, a Technology Entrepreneur and University of Louisville alumnus, along with a select group of University of Louisville alumni and fans, 502Circle is all about the UofL community and its support for the student-athletes. Spiegel states, “We know that most major schools have organizations like 502Circle in place, so it’s important for the Louisville community to have a similar outlet for support. 502Circle will utilize the latest technology to engage UofL athletics supporters, businesses, and charitable organizations. We’re creating a digital experience that can only enhance supporters’ involvement and translate into value for everyone involved.”

NIL provides college student-athletes the opportunity to earn money off their “name, image, and likeness” and was instituted on July 1, 2021. This policy allows thousands of student-athletes to monetize their NIL, a seismic shift for college sports and its players.

502Circle is committed to a sustainable model based on a solid foundation of doing things the right way. Spiegel notes, “We want being in the ‘Circle’ to mean something special. We aren’t solely focused on large money donors but want to ensure we engage every supporter. We know that begins with creating a brand that people want to associate themselves with.”

He adds, “All of us who are part of the Collective are consummate supporters of the University of Louisville. The community has certainly felt the upward momentum. The timing couldn’t be better for our August launch date.”

To schedule an interview with Marc Spiegel, please contact Erin Jones at 502.774.0767 or email erin@inmodemarketing.com.

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ABOUT 502CIRCLE

Founded by a dedicated group of University of Louisville alumni and fans, 502Circle is an independent NIL Collective, a digital platform connecting supporters, businesses, and charitable organizations with U of L student-athletes to enable them to monetize their names, images, and likenesses.

Companies who wish to get involved with 502Circle should contact partner@502circle.com, while UofL supporters and alumni who want to support the Collective financially should contact give@502circle.com.

(Photo of Grawmeyer Hall via the Lexington Herald-Leader)

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