A mortgage company plans to make $500 monthly stipends to all 133 male athletes on the Michigan State football and basketball teams.
United Wholesale Mortgage confirmed it will pay each player $6,000 over the course of the 2021-22 academic year, which is permissible under the new Name, Image and Likeness protocol in college sports.
Former Michigan State basketball walk-on Mat Ishbia donated a record $32 million to MSU athletics in February and is the head of UWM.
“The Spartan family sticks together, and that’s what makes MSU athletics so special,” Ishbia said in a statement. “Each player contributes to the team in a positive way and we’re excited to help support them, while also helping educate consumers about the benefits of independent mortgage brokers.”
UWM is also the jersey patch sponsor of the Detroit Pistons, winning a bidding war with Quicken Loans.
Quicken Loans is the “presenting sponsor” of Michigan State men’s basketball.