Jump to content
Sign in to follow this  
AnklePicker

Living the Dream fund

Recommended Posts

yes

 

http://donate.usawrestling.org/living-the-dream-medal-fund

 

looks like snyder will have to turn down 50 grand

Ouch! With limited earning potential for world class wrestlers that is a tough one to swallow... 

I hope he has a long and lucrative wrestling career, so this ends up being a drop in the bucket and his decision to return to NCAA wrestling is worth it

Share this post


Link to post
Share on other sites

Seems they could put Snyder's money in a trust under USA Wrestling or something, to mature in 5 years.  

if that were allowed you'd see football and basketball players getting paid this way. Snyder will either never see that money or quit wrestling in the NCAA. he can still finish college obvs. not sure if he continue training at the RTC.

Share this post


Link to post
Share on other sites

if that were allowed you'd see football and basketball players getting paid this way. Snyder will either never see that money or quit wrestling in the NCAA. he can still finish college obvs. not sure if he continue training at the RTC.

That's my understanding as well. If they did that and the NCAA found out, sanctions a comin'.

Share this post


Link to post
Share on other sites

Guys,

 

He's all good.  He can keep the money.  Can't touch it until graduation, but yes, it is placed in a trust.  The LTD medal fund, not sure how they did it, but it is exempt from the "pay for play" rules of the NCAA.  Athlete can't touch it until he graduates, but he does not have to give it up either.

Share this post


Link to post
Share on other sites

Guys,

 

He's all good.  He can keep the money.  Can't touch it until graduation, but yes, it is placed in a trust.  The LTD medal fund, not sure how they did it, but it is exempt from the "pay for play" rules of the NCAA.  Athlete can't touch it until he graduates, but he does not have to give it up either.

Awesome!!! I knew it. He just can't lay one finger on one cent until post NCAA.  That is so great if truly true.  In the world of money, some very smart people often find a way to loophole things.  

Share this post


Link to post
Share on other sites

Guys,

 

He's all good.  He can keep the money.  Can't touch it until graduation, but yes, it is placed in a trust.  The LTD medal fund, not sure how they did it, but it is exempt from the "pay for play" rules of the NCAA.  Athlete can't touch it until he graduates, but he does not have to give it up either.

Glad to hear this. Good for Snyder and tOSU.

Personally, I would rather see him training to become the dominant FS wrestler in the world year after year instead chasing NCAA titles.

Share this post


Link to post
Share on other sites

I think they're allowed to keep 'necessary expenses' without going through escrow (if that's the right word here). There are a lot of exceptions in the NCAA manual as concerns Olympic issues.

Yes, that accounts for the stipend USAW gives them.  But $50,000 is more than living expenses.   What if Snyder wins the 250K for olympic Gold?  Can he take that as well?

 

Are NCAA basketball players allowed to enter offseason tournaments with cash prizes?  Or play in offseason leagues that provide them a salary?  If it only accounts for living expenses, this is fine...But more?  I think this is the problem you see European players get into when they try to play NCAA basketball (See Enes Kanter).  

 

 

Unfortunately, I think it is very likely we have seen Kyle Snyder wrestle his last match as an NCAA athlete.  

Edited by Billyhoyle

Share this post


Link to post
Share on other sites

there was an interview with tom ryan where all of this was discussed between kyle and his family... they looked at all the legalities and what would or would not happen in the event he earned the funding... afterwards, they all decided he should go for what is most important... they have it figured out

Share this post


Link to post
Share on other sites

...all of this was discussed between kyle and his family ...they all decided he should go for what is most important... they have it figured out

 

Excuse YOU, sir, but are you implying that this is not a job for the folks on this very message board? Really, who has Kyle's best interests in mind? His mom and dad or some random dude on a message board named Tofurky? Appalling!

Share this post


Link to post
Share on other sites

Yes, that accounts for the stipend USAW gives them.  But $50,000 is more than living expenses.   What if Snyder wins the 250K for olympic Gold?  Can he take that as well?

 

Are NCAA basketball players allowed to enter offseason tournaments with cash prizes?  Or play in offseason leagues that provide them a salary?  If it only accounts for living expenses, this is fine...But more?  I think this is the problem you see European players get into when they try to play NCAA basketball (See Enes Kanter).  

 

 

Unfortunately, I think it is very likely we have seen Kyle Snyder wrestle his last match as an NCAA athlete.  

I'm only talking about Olympic/World related issues. Not random events.

Share this post


Link to post
Share on other sites

Excuse YOU, sir, but are you implying that this is not a job for the folks on this very message board? Really, who has Kyle's best interests in mind? His mom and dad or some random dude on a message board named Tofurky? Appalling!

i know... sometimes i get a little ahead of myself... please accept my sincere apology

Share this post


Link to post
Share on other sites

" But $50,000 is more than living expenses."

 

 

..

The difference, after expenses, as noted a few posts above, goes into escrow for the athlete. Similar to the "olympic gold" program, apparently. Other prize funds, such as from organizers of an event, or promoters, cannot be accepted.

 

Someone can correct me..........

Share this post


Link to post
Share on other sites

if that were allowed you'd see football and basketball players getting paid this way. Snyder will either never see that money or quit wrestling in the NCAA. he can still finish college obvs. not sure if he continue training at the RTC.

I'm surprised at you JH.

Share this post


Link to post
Share on other sites

The difference, after expenses, as noted a few posts above, goes into escrow for the athlete. Similar to the "olympic gold" program, apparently. Other prize funds, such as from organizers of an event, or promoters, cannot be accepted.

 

Someone can correct me..........

I believe there is a specific rule in the NCAA rulebook for the olympic gold program.  Check out the last paragraph of this article:

http://sports-law.blogspot.com/2012/08/why-missy-franklin-retains-her-ncaa.html

 

"Thus, USA swimming star Missy Franklin will take home $100,000 for each individual gold ($25,000 from the US Olympic Committee and $75,000 from USA Swimming) in the 100- and 200-meter backstroke events. And, per NCAA rules, these payments are allowed and do not cause her to lose her amateur status. Surprisingly, and in my mind this speaks to the arbitrary nature of some of the NCAA’s rules, Franklin is not allowed to receive a $50,000 bonus from USA Swimming for setting the world record in the 200-meter backstrokeNor could she receive a free pair of shoes from Nike or a cup of coffee from a college coach recruiting her."

 

So I don't know whether the living the dream fund counts as part of the operation gold program.  I also do not know whether money for a world championship win is a part of the operation gold program.  

 

Here are the specific rules the article quotes:

Note allowed

"Any payment,including actual and necessary expenses, conditioned on the individual’s or team’s place finish or performance or given on an incentive basis, or receipt of expenses in excess of the same reasonable amount for permissible expenses given to all individuals or team members involved in the competition.”

 

But

“An individual(prospective student-athlete or student-athlete) may accept funds that are administered by the U.S. Olympic Committee pursuant to its Operation Gold program.”

Edited by Billyhoyle

Share this post


Link to post
Share on other sites

I believe there is a specific rule in the NCAA rulebook for the olympic gold program.  Check out the last paragraph of this article:

http://sports-law.blogspot.com/2012/08/why-missy-franklin-retains-her-ncaa.html

 

"Thus, USA swimming star Missy Franklin will take home $100,000 for each individual gold ($25,000 from the US Olympic Committee and $75,000 from USA Swimming) in the 100- and 200-meter backstroke events. And, per NCAA rules, these payments are allowed and do not cause her to lose her amateur status. Surprisingly, and in my mind this speaks to the arbitrary nature of some of the NCAA’s rules, Franklin is not allowed to receive a $50,000 bonus from USA Swimming for setting the world record in the 200-meter backstrokeNor could she receive a free pair of shoes from Nike or a cup of coffee from a college coach recruiting her."

 

So I don't know whether the living the dream fund counts as part of the operation gold program.  I also do not know whether money for a world championship win is a part of the operation gold program.  

 

Here are the specific rules the article quotes:

Note allowed

"Any payment,including actual and necessary expenses, conditioned on the individual’s or team’s place finish or performance or given on an incentive basis, or receipt of expenses in excess of the same reasonable amount for permissible expenses given to all individuals or team members involved in the competition.”

 

But

“An individual(prospective student-athlete or student-athlete) may accept funds that are administered by the U.S. Olympic Committee pursuant to its Operation Gold program.”

 

My understanding is that Operation Gold and Living the Dream are different entities.  Operation Gold is referenced in the NCAA rule book.  Living the Dream is not.

 

12.1.2.1 Prohibited Forms of Pay.

 “Pay,” as used in Bylaw 12.1.2 above, includes, but is not limited to, the following:

 

12.1.2.1.4 Expenses, Awards and Benefits.

 Excessive or improper expenses, awards and benefits.

 

12.1.2.1.4.1 Cash or Equivalent Award.

 Cash, or the equivalent thereof (e.g., trust fund), as an award for participation in competition at any time, even if such an award is permitted under the rules governing an amateur, noncollegiate event in which the individual is participating. An award or a cash prize that an individual could not receive under NCAA legislation may not be forwarded in the individual’s name to a different individual or agency.

(Revised: 4/25/02 effective 8/1/02)

 

12.1.2.1.4.1.2  Operation Gold Grant. 

An individual (prospective student-athlete or student-athlete) may accept funds that are administered by the U.S. Olympic Committee pursuant to the Operation Gold program.

(Adopted: 4/26/01 effective 8/1/01)

 

12.1.2.1.5 Payment Based on Performance.

 Any payment conditioned on the individual’s or team’s place finish or performance or given on an incentive basis that exceeds actual and necessary expenses, or receipt of expenses in excess of the same reasonable amount for permissible expenses given to all individuals or team members involved in the competition.

(Revised: 4/25/02 effective 8/1/02, 1/19/13 effective 8/1/13)

 

12.1.2.1.5.1 Operation Gold Grant.

 An individual (prospective student-athlete or student-athlete) may accept funds that are administered by the U.S. Olympic Committee pursuant to its Operation Gold program.

(Adopted: 4/26/01

Edited by lu_alum

Share this post


Link to post
Share on other sites

In his interview, did he mention wrestling for tOSU, or did he only mention going to class? With his training center in Columbus and now the financial means to pay his own way, I'm not sure that him saying he can handle classes along with training means that he will wrestle for tOSU

Edited by LemonPie

Share this post


Link to post
Share on other sites

"My understanding is that Operation Gold and Living the Dream are different entities.  Operation Gold is referenced in the NCAA rule book.  Living the Dream is not."

 

And that's the question. How does an "Operation Gold" grant and a Living the Dream grant differ? USA Wrestling administers LTD funds, I think.

 

There is a reason we saw an interview positing that Snyder would get such funds (held to a future date). What are the nuts and bolts?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

×
×
  • Create New...