CHICAGO -- Three legendary sports figures -- Michael Jordan, John Elway and Wayne Gretzky -- are teaming up to dispense advice and peddle sports and outdoor equipment on the Internet.
The three retired sports stars announced the formation of MVP.com today. The Web site will be based in Chicago and will launch in January.Elway, last year's Super Bowl MVP for football's Denver Broncos, will serve as chairman of the company. Former Sears, Roebuck & Co. executive John Costello has been named chief executive.
Jordan, the recently retired basketball superstar for the Chicago Bulls, and Gretzky, the retired National Hockey League scoring champion, are investors.
The broadcaster CBS Corp. will provide $85 million in advertising and promotion over four years in exchange for an equity stake in the company.
MVP.com is also acquiring and will operate the online retail business of Sportsline.com, a leading Internet sports media company. The companies have entered into an exclusive, 10-year, $120 million marketing arrangement. Sportsline.com will have an equity interest in MVP.com.
The site will sell equipment and clothes. An advisory board -- which includes the three sports superstars and other top athletes -- will provide tips on picking the right gear, improving performance, training and strategy.
"The opportunity to become a founding owner and give real input and advice are what attracted me to this new venture," Jordan said in a statement.