LOUISVILLE, Ky. — A new platform launched this week to connect fans and businesses with University of Louisville student-athletes.

In March, Gov. Andy Beshear signed legislation putting into law his earlier executive order allowing student athletes in Kentucky to receive fair compensation for the use of their name, image and likeness (NIL).

502Circle is an independent NIL collective founded by Marc Spiegel. 

“A collective is simply an entity that is not part of the athletic department or the university, so it’s independent and it is a vehicle that is set up to receive funds and then conversely, take those funds and fund NIL deals with individual student-athletes or teams for a particular school,” Spiegel explained Monday. 

Fans can pay for memberships and receive perks, and request appearances, autographs or social media posts, and larger contributors may choose to allocate a portion of their contribution to a particular sport, he said. 

Businesses can also make deals through the platform, according to Spiegel. 

The focus, Spiegel said, is on making sure student-athletes benefit. 

“We’re in this beyond just helping them make some money,” he said. “It’s how are we helping them as an individual, how can we help their personal brand, are we doing things that allow them to positively impact the community.”

The goal is to maximize compensation to the student-athletes and raise funds privately to cover operating expenses, according to Spiegel. 

502Circle will also create NIL deals that connect student-athletes with charitable and nonprofit opportunities within the community, he said.