MVP.com, Chicago, a major new Internet sports merchandise and apparel business, was announced today, headed by sports greats John Elway, Wayne Gretzky and Michael Jordan. Former Sears, Roebuck & Co. and AutoNation executive John Costello will be the company's CEO, with Mr. Elway serving as chairman. Messrs. Jordan and Gretzky become board members. MVP.com also announced a four-year, $85 million advertising and promotional deal with CBS Corp., which, in return, will get an equity stake in the new company. Additionally, MVP.com, in a 10-year, $120 million deal, will acquire and operate the online retail business of SportsLine.com, which runs CBS Sportsline. SportsLine.com will get an equity interest in MVP.com.
Copyright December 1999, Crain Communications Inc.