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M.J., Gretzky & Elway Team Up

Michael Jordan, John Elway and Wayne Gretzky are teaming up to dispense advice and peddle sports and outdoor equipment on the Internet.

The threesome announced the formation of today. The Web site will be headquartered in Chicago and is set to launch next month.

The site will sell equipment and clothes. An advisory board, which includes the retired 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.

"The ability to combine my knowledge of sporting goods and equipment with the new medium of the Internet made this an exciting and natural fit for me."

Elway, last year's Super Bowl MVP, will serve as chairman of the company. Former Sears, Roebuck & Co. Executive Vice President John Costello has been named chief executive officer.

CBS Corp. will provide $85 million in advertising and promotion over four years in exchange for an equity stake in the company. also announced today that it will acquire and operate the online retail business of, a leading Internet sports media company. The companies have entered into an exclusive, 10-year, $120 million marketing arrangement. will have an equity interest in

Gretzky, the NHL's career scoring champion, retired this year after a 20-year career. Elway retired this year after 16 years with the Denver Broncos.

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