Legendary basketball player Michael Jordan's name is priceless in the eyes of many, but according to his business adviser, using it can be worth north of $10 million.
As reported by Kim Janssen of the Chicago Tribune, Estee Portnoy, Jordan's business adviser, revealed Thursday that XEL paid MJ $10.6 million to use his name in the marketing of a cologne without the expectation of an endorsement or even an appearance.
"Michael didn't do anything," Portnoy said.
Per the Associated Press (h/t ESPN.com), the longtime Chicago Bulls superstar is the plaintiff in a civil suit against Dominick's Finer Foods for using his likeness as part of a $2 steak coupon in a 2009 edition of Sports Illustrated.
The 52-year-old Hall of Famer was never compensated, which his legal team has argued is unacceptable considering how valuable his brand is.
Per Janssen, Portnoy insists that Jordan doesn't accept endorsement deals worth less than $10 million, although Dominick's believes that is an exaggeration based on his $500,000 agreement with SiriusXM Radio.
Even so, His Airness is very ser ...
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Article written by Mike Chiari
Michael Jordan’s Business Adviser Discusses Brand Practices in Lawsuit
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