John Ruiz, once dubbed “Miami’s NIL king” by ESPN, is struggling to keep his castle intact.
Miami’s mega-booster, who has spent millions on NIL deals for Hurricanes athletes in recent years, told investors this week that there is “substantial doubt” that his company, LifeWallet, will stay in business, according to an SEC filing.
In the SEC filing, Ruiz said that LifeWallet, a large-scale medical claims company, had made $7.7 million in revenue last year and suffered a net loss of $211 million. It’s unclear whether the company’s financial troubles will impact its NIL deals with current athletes.
“The Company has concluded that, despite the aforementioned financing arrangements, there is substantial doubt about its ability to continue as a going concern,” Ruiz said in the SEC filing this week. “Unless we are successful in raising additional funds through the offering of debt or equity securities, we have concluded it is probable we will be unable to continue to operate as a going concern beyond the next twelve months.”