WASHINGTON—A committee that creates the model for the country’s sports-agents laws broadly agreed Friday to expand the definition of an agent to include certain types of financial advisers.
The committee plans to broaden the language in the draft of the law to include individuals who offer gifts or money to student-athletes in a bid to win their business later when they turn professional. Advisers would be regulated under states’ sports-agents laws if they try to help a student-athlete sign a professional sports contract or charge the player differently than other clients.
“The law must encompass a wide definition of what a sports agent is,” said Jeff Hawkins, senior associate athletic director at the University of Oregon and a participant in the discussions. “It should be anyone who seeks to profit off a student-athlete’s abilities or reputation.”
Otherwise, Mr. Hawkins said, such individuals “work in the shadows.”
The decision comes the same day a page-one article in The Wall Street Journal highlighted financial advisers who courted amateur athletes while they were in college and then allegedly lost the athletes’ money when they went pro. …