The University of Kentucky Athletics Department is launching the “BBNIL Exchange,” the school announced Thursday. The service will be used to connect UK student-athletes with interested entities to make deals compensating for the use of their name, image and likeness (NIL).
Interested parties can register for the BBNIL Exchange now at ukathletics.com/bbnilexchange
The BBNIL Exchange is powered by INFLCR, which is the leading athlete brand-building and NIL business management app for elite athletic organizations. Kentucky was INFLCR’s first partner institution, with Thursday marking the five-year anniversary of the initial agreement. The announcement of the BBNIL exchange is another strong step in the foundational collaboration between the two organizations.
The BBNIL Exchange is a free, user-friendly service to both student-athletes and those looking to do NIL deals. The exchange includes a safe directory and portal where businesses can connect with student-athletes to explore, negotiate and make NIL deals.
The BBNIL Exchange builds on Kentucky’s commitment to putting student-athletes first and empowering them to benefit from their NIL.
“We are committed to working on behalf of our student-athletes in every way we can, including and especially in the NIL space,” Athletics Director Mitch Barnhart said in a press release. “The BBNIL Exchange is another exciting step for both our student-athletes and the local businesses that are such an important part of our community. Our young people are leaders in our region and therefore great brand ambassadors. This next step in building on our NIL empowerment programs will be beneficial for our great student-athletes and local businesses looking for excellent leaders to serve as their representatives.”
Once a business or collective registers on the BBNIL Exchange they can access a searchable database of UK student-athletes who have opted in. Registered entities can message the student-athlete directly within the BBNIL Exchange or request the student-athlete’s contact information (or that of their representative) to start a discussion about an NIL transaction.
“Kentucky is a powerhouse in the SEC with a brand that spreads across the world,” INFLCR Founder & CEO Jim Cavale said in a press release. “As INFLCR’s first ever client, it’s an exciting day to provide Kentucky with a new piece of NIL technology that will bring student-athletes and Big Blue Nation even closer together. With no shortage of local or national supporters, the BBNIL Exchange will maximize NIL opportunities for all current and future Wildcats.”
NIL deals completed within the BBNIL Exchange also include various automations to make transactions and disclosures easier for everyone. The app will include a payment processing tool for the business to securely and directly pay the student-athlete without transaction fees.
All disclosure and payment data automatically reports to UK’s existing INFLCR compliance portal, and any payments processed using this tool will be reported on a consolidated 1099 form that lives in the student-athlete’s INFLCR app for more efficient tax reporting.
UK and INFLCR will not be involved in any of the negotiations outside of monitoring disclosures to ensure they are compliant with UK policy and State law.