There is a way in which the scholarship/grant as proposed can work in unison with the notion of awarding it to a college-bound player. Actually, more than one.
Many players today receive monies coming from multiple sources - depending on how the athletic department in question has configured its general budget and dependant also on the soccer coach's specific budget. There is a trend toward the award of substantial partial scholarships at several institutions. As such, the monies could be used as a supplemental towards support of a player or players who have been identified by institutions but who lack the offer of full support (these players exist).
Personally, if this award moves forward I would like to see it go towards the support of a female player.
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More general comment ... there would have to be an agreed, expressed philosophy/underlying rationale for the award ... this could help to create eligibility guidelines - for instance, the expression of an age range ... alternatively, perhaps the idea maybe towards holistic development rather than the desire of say, budding a professional.
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Otherwise, I like the direction expressed by dcs regarding development and community building projects ... areas which the WN seem to be involved in already.
Regarding a prospective return on any investment ... WN should consider entry into the arena of establishing an annual, local showcase for college-interested players. WN provides the platform/opportunity and builds coffers in the process.