I love a good mystery. I’ve got one for you. Who owns College Sports Commission LLC?

College Sports Commission LLC is the newly formed body that enforces NCAA rules following the House settlement. CSC has oversight on revenue sharing and NIL deals with student athletes. CSC evaluates NIL deals by examining the association of the payor with the school where the student athlete is enrolled, whether the deal has a valid business purpose and whether the payment is within a permissible range of compensation. CSC is trying to ferret out “pay to play” deals. CSC isn’t a nonprofit. It’s a limited liability company (LLC) formed in Delaware.

Unlike California, Texas and Minnesota, which all have legislation that creates “nonprofit LLCs,” there is no such thing as a nonprofit LLC in Delaware. Each LLC formed in Delaware must have at least one owner. So that’s where my mystery begins: Who owns College Sports Commission LLC?

You’d think it’d be easy to find out who owns the LLC overseeing all revenue sharing and NIL payments to Division I student athletes? It’s not. When I asked an AI program who are the owners of CSC, I got a boiled shrimp answer:

“While it’s not ‘owned’ in the traditional sense, it is an independent body created to oversee and enforce rules related to name, image, and likeness (NIL) deals and other compensation matters for college athletes. It’s overseen by a board of directors and led by CEO Bryan Seeley.”

As a corporate attorney that has........

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