One of the University of Miami’s most influential name, image and likeness backers is facing a slew of issues that could have an impact on the athletic programs.

John Ruiz, who ESPN dubbed as Miami’s “NIL King,” is in financial troubles with his company the target of federal investigations.

The Miami businessman has played a sizable role in bringing an influx of money into the school’s athletic programs through NIL deals involving his company LifeWallet, and the NIL money — and his presence — has helped draw athletes to the university, with Ruiz front and center.

He was on the court celebrating with the men’s basketball team when it advanced to the Final Four, and a number of University of Miami athletes have NIL deals with LifeWallet, including Nijel Pack’s $800,00 deal that came with a car when he transferred from Kansas State in 2022.

But the Miami Herald reported that LifeWallet has lost value and is “the target of federal civil and criminal investigations.”

The U.S. Securities and Exchange Commission and the U.S. Attorney’s Office for the Southern District of Florida are leading the investigations, with agents from the FBI and IRS having already interviewed witnesses, according to the Herald.

The federal agencies are examining how Ruiz “represented to investors about its value and other possible securities violations,” according to the report.

To add to the issues, LifeWallet’s value has dropped since the company went public. It was once valued at $32 billion, but stock prices have reportedly dipped to below $0.25 per share.

The strikes keep coming for Ruiz, who is also facing multiple lawsuits over what the Herald described as claims that “they owe millions of dollars to the sellers of businesses they acquired.”

All of this could force Miami’s athletic department to have to find another way to bring in the money that Ruiz had been providing.

Athletic director Dan Radakovich had told the Miami Herald that the NIL money that Ruiz and LifeWallet had brought in has “been really important,” but he also said Miami was trying to find other ways to “supplement those dollars that John has put in with other sources of revenue.”

The Athletic reported Sunday evening that something like this “would’ve been painful” for the university to endure last year — but now, they’re “in a different place” and NIL shouldn’t be impacted.

Ruiz also got Miami in trouble earlier this year when the women’s basketball team was sanctioned over an impermissible meal that was provided to Haley and Hanna Cavinder before they officially committed as transfers.