Michael Jordan is currently in the middle of a lawsuit with a grocery chain that tried to use his likeness to sell steaks and coupons. Because of the litigation in the court room, some sensitive information on Jordan’s side is needing to be disclosed, including some of the details of the contract he has with Nike.
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ABC News says that Jordan’s lawyer told a jury his name is worth at least $480 million to Nike, which is the total sum M.J. was paid by the brand for endorsements from 2000 to 2012. According to the lawyer, that breaks down to each use of Jordan’s name being worth a minimum of $10 million.
Meanwhile, on the flip side, an attorney for the grocery store has argued that the value of Jordan’s name has been over-exaggerated
The funny thing is, while the defense claims the number is lower, Jordan’s lawyer could actually be being modest. The number may in fact eclipse the $500 million mark and be much higher once all the info comes out. The lawyer for the defense is trying to drag this out best he can because he knows it makes Jordan and his brand very uncomfortable to disclose this financial information.
Apparently, the defense isn’t satisfied with the numbers it’s seen so far, and demanded that Jordan’s 42-page contract with Nike be unsealed. Nike global counsel Gary Way, one of just three employees with access to the agreement, called it “one of the most competitively valuable documents in the industry.”
The document breaks down private details such as the way Nike and Jordan Brand split up their revenue and expenses, Michael Jordan’s role in choosing athletes for endorsements, and the amounts made by Jordan Brand athletes including Blake Griffin, Carmelo Anthony, and Derek Jeter. In other words, this is highly classified information, and for good reason.
Not only could the contents of the paperwork give Nike and Jordan Brand’s competition an inside scoop on its trade secrets, but it could potentially damage the brand’s relationships with its currently sponsored athletes
There has to be a part of MJ that feels this lawsuit wasn’t worth it but then again you must protect your brand at all cost when your profile is as high as his.
