'Substantial doubt' over company of Miami booster John Ruiz - ESPN

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. The news was first reported by the Miami Herald.

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 if 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.»

Ruiz, an attorney, is the leader behind the push for a new Miami football stadium, to which he has committed millions of dollars.

When NIL rules were passed in 2021, Ruiz quickly emerged as one of the faces of the new era. In the first year of name, image and likeness allowances, he reportedly spent more than $10 million on athletes.

Prior to the 2022-23 season, Ruiz helped reshape Miami men's and women's basketball. He played a role in luring Haley and Hanna Cavinder — two of the most popular athletes in the NIL era — from Fresno State to Miami with significant deals. He also publicly announced a two-year, $800,000 NIL deal (including a new car) for former Kansas