A lawmaker skeptical of the Big Ten’s proposed $2. 4 billion deal with a private investor has requested a Congressional analysis of the tax consequences for the NCAA, its schools and conferences in the changing college sports industry. “Legitimate questions have been raised about whether it is time to rethink the tax-exempt regime under which college sports currently operates,” Sen. Maria Cantwell, D-Wash., wrote in a letter Monday to the head of the Congressional Joint Committee on Taxation. Last month, Cantwell sent a letter to Big Ten leaders warning that deals with private investors could have negative consequences, including impacting the schools’ tax-exempt status. Her letter Monday asked for a more detailed look at how a number of changes impacting college sports could impact the longstanding tax-exempt standing held by those who oversee college athletics. Among the questions from Cantwell, who is the ranking member on the Senate committee that oversees college sports, were: Whether Congress should consider rewriting tax rules for name, image and likeness collectives that work with schools to provide payments to players. She cited other analysis that has determined collectives don’t qualify as tax-exempt organizations. If there were measures Congress should consider “with respect to addressing excessive compensation for coaches” and the size of their buyouts. The tax implications for athletes if they are classified as employees or independent contractors. The timing comes at a key moment for the Big Ten, which is facing resistance from the universities of Michigan and Southern California over a proposed $2. 4 billion deal that would break off the league’s media rights and other properties and place them in a separate business that could negotiate deals through 2046. Among the reservations Michigan and USC leaders have expressed about the deal are an uneven distribution of the funds from the deal and the overall impact of joining with a private investor. “We greatly value our membership in the Big Ten Conference and understand and respect the larger landscape,” USC athletic director Jennifer Cohen wrote in letter to boosters last week. “But we also recognize the power of the USC brand is far-reaching, deeply engaging, and incredibly valuable, and we will always fight first for what’s best for USC.” In her letter last month to the Big Ten leaders, Cantwell spelled out the stakes of selling part of the conference’s media rights. “Your university’s media revenues currently are not taxed because they are considered ‘substantially related to’ your tax-exempt purpose,” she wrote. “However, when a private, for-profit investor holds a stake in those revenues it raises questions whether the revenue loses its connection to your institution’s educational purpose.” ___ AP college sports:.
https://ktar.com/national-news/with-big-ten-2-4b-deal-looming-lawmaker-asks-questions-about-tax-exempt-status-of-college-sports/5778145/
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Ric Flair reveals that WWE legend wanted to him make a dangerous career move that was turned down by Hulk Hogan
A WWE legend once wanted Ric Flair to make a dangerous career move—forming a labor union within professional wrestling. This idea was even turned down by Hulk Hogan.
While several other industries have unions to protect workers and ensure fair treatment, professional wrestling does not have one. This is largely due to the scripted nature of the business. Wrestlers at the top of the industry earn substantially more than mid-carders and lower-card talents. For a company like WWE, factors such as merchandise sales and royalties also play a significant role in determining how much a wrestler makes.
There were attempts to form a labor union in the 1980s, led by Jesse Ventura. However, Hulk Hogan intervened and approached Vince McMahon, who promptly shut down the idea. Since then, no further efforts have been made to establish a union within professional wrestling.
During a recent appearance on *Games with Names*, Ric Flair revealed that Jesse Ventura asked him repeatedly to help form a union, but Flair wasn’t interested at the time. Surprisingly, even Hulk Hogan turned down the idea.
“How do we not have a union? A multi-billion dollar company, no union. Yeah, nobody wants to do it because they’ll just move on without you. They wanted me and Hogan to do it, then Hulk called me and said, ‘I said I’m not jumping out there because they’ll just replace me.’ I don’t know. I just didn’t want to be in. Jesse Ventura drove me crazy, but come on, come on. I know Jesse. What he said. So I give up the NWA World Championship, walk out there—they’ll just put the belt on DiBiase or back to Harley or somebody who knows. I don’t know, it just wasn’t something I wanted to explore, but I certainly was asked to do a lot.”
— Ric Flair
It will be interesting to see if the next generation of wrestlers will be successful in forming a union.
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**Vince McMahon’s Controversial Moves**
Ric Flair also shared a troubling story about WWE during a critical point in his health. While battling for his life and on life support for 14 days, Flair discovered WWE had sent him letters attempting to claim the rights to his name.
“Because I sued them. Well, because when I was dying, I was on life support for 14 days, everybody cashed in. My agent stole $150,000, because if I was dead, then it would all go to court, whatever my will was at that time. Estate planning is very important, by the way. But everybody cashed in because they thought I was going to die. And then when I lived, I find out what was going on. I read the letters, WWE was writing me letters, wanting me to sign them while I was assigning my intellectual property back to them. So I didn’t sue them, I just said, ‘I’m going public with this. Give me my sh*t back.’”
— Ric Flair
Fortunately, Flair was able to survive and fully recover despite these difficult circumstances.
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**About the Author**
Sunil Joseph is a pro wrestling journalist covering AEW and WWE news stories at Sportskeeda. Holding an MBA in Marketing, Sunil brings nearly seven years of experience. He admires former world champions AJ Styles, Will Ospreay, and Kenny Omega for their in-ring excellence and mic skills.
If given the chance to change a storyline, Sunil would have booked Roman Reigns to end The Undertaker’s WrestleMania streak instead of Brock Lesnar, believing Reigns needed the victory more. Sunil is committed to accuracy, thoroughly fact-checking his articles. When not writing about wrestling, he enjoys watching cricket.
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*H/T Sportskeeda Wrestling for the quotes and source material.*
https://www.sportskeeda.com/wwe/news-ric-flair-reveals-wwe-legend-wanted-make-dangerous-career-move-turned-hulk-hogan