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.