Jordan and partners team up for MVP.com

FORT LAUDERDALE, FL -- SportsLine.com, Inc., a global Internet sports media company and publisher of CBS SportsLine, today announced that it has signed a letter of intent to enter into a 10-year strategic relationship under which SportsLine.com's domestic e-commerce business will be acquired and operated by MVP.com.

A new sports and outdoor e-commerce destination, MVP.com was formed in partnership with Benchmark Capital, Freeman Spogli & Co., Galyan's Trading Company, John Elway, Michael Jordan and Wayne Gretzky. MVP.com has also entered into an $85 million media partnership with CBS Corp.

	Michael sits on the board of directors of MVP.com with John Elway and Wayne Gretzky. (AP)

Under the proposed terms of the strategic relationship, SportsLine.com will receive $120 million in guaranteed cash payments over the 10-year period and an equity interest in MVP.com.

MVP.com's new shopping site is expected to launch in January 2000. It will offer expert advice and insight from the world's top performers, along with a comprehensive selection of high-quality equipment and apparel for the sports, outdoors, fitness and active lifestyle markets.

MVP.com has the financial backing of Benchmark Capital and Freeman Spogli & Co., and an expert retail partner in Galyan's Trading Company, one of the most highly regarded sports and outdoors retailers in the country. MVP.com will also receive $85 million in advertising, promotion and other consideration over a period of four years from CBS Corp., in exchange for an equity stake in the Company.

Under the proposed terms of the agreement, MVP.com will acquire and assume all responsibility for, and cost of operations of the co-branded stores. SportsLine Founder and CEO Michael Levy will serve on the Board of Directors of MVP.com, which includes Elway as the chairman, Jordan, Gretzky, Benchmark partner David Beirne, Freeman Spogli partner Ron Spogli and former Sears, Roebuck & Co. Senior Executive Vice President John Costello, who has been appointed chief executive officer.

"Partnering with the preeminent assets of SportsLine.com will position MVP.com to lead the highly attractive $150 billion global sporting goods market," said John Costello, CEO of MVP.com. "SportsLine.com brings a sizable and very valuable audience to MVP.com."

The transaction is subject to, among other things, the completion and execution of a definitive agreement and the receipt of requisite corporate and regulatory approvals.