Sport Management professor Rodney Fort recently testified in a lawsuit involving basketball legend Michael Jordan. A now-defunct grocery chain used Jordan's name and jersey number to publicize their steak promotion, without his prior approval.
"Jordan's lawyers argue that the fair market value for the basketball star's "identity" should be determined by precedent, meaning the amount that Jordan has fetched from previous endorsement deals—Andrew Zimbalist, an economics professor at Smith College placed the value of Jordan's identity around $10 million—or by considering the "amounts received by comparable persons for comparable uses."
Rodney Fort, an expert testifying for the grocery store, wants to use those smaller appearance numbers, rather than the full endorsement value. Fort places the fair market for Jordan's persona closer to $126,900, according to court documents.
-- CNBC story by Eric Chemi and Nicholas Wells