RICHMOND, Va. -- The University of Richmond will pay basketball players on both its men’s and women’s teams this year as part of the terms of the House v. NCAA settlement.
Payments could begin as soon as July 1 should the House v. NCAA settlement receive final judicial approval on April 7.
The money used to pay the players for their name, image, and likeness (NIL) would come from "philanthropy and additional athletics revenues," the university announced in a statement.
"This decision is essential to maintaining Richmond’s status as a top-tier men’s and women’s basketball program in the Atlantic 10 and continuing Spider Athletics’ tradition of competitive excellence at the highest possible level,” Vice President and Director of Athletics John Hardt said. “Opting in to the terms of the settlement is the best way to preserve Richmond’s ability to offer Spiders unparalleled opportunities to grow, learn, lead, and succeed."
The university said non-basketball players could still be paid NIL income, but not directly from the university like the basketball players.
"Spider Athletics will continue to provide resources to assist them in that effort. Richmond’s decision to opt in to the terms of the House settlement also requires UR to abide by new roster limits proposed in the settlement," a university spokesperson stated.
The deadline to opt into the terms of the House v. NCAA settlement is Saturday.
The exact amount of money paid to Spider basketball players has not been released.
VCU has previously announced its intentions to opt into the house settlement and pay student athletes as well.
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