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WILL 160 BLUE PUT FORMER MJ RESTAURANT PARTNERS IN THE RED?
Published March 11, 1998
A dispute concerning MICHAEL JORDAN's Chicago restaurant ventures was examined by CNBC's Scott Cohn. In '93, Jordan and partners JOSEPH and GENE SILVERBERG opened Michael Jordan's Restaurant, which reportedly grossed $15M last year from food and merchandise sales. But now, Jordan and the Silverbergs "have apparently had a falling out." Jordan "can't walk away from the original deal even if he wants to; it's for life." So Jordan is investing in a new restaurant near the United Center with partner DAVID ZADIKOFF, the CEO of Jordan's original eatery. The Silverbergs sued Zadikoff, "claiming the new restaurant violates their deal with Jordan." But a federal judge has ruled Jordan "can own another restaurant in Chicago, as long as it doesn't carry his name." Furthermore, Jordan "won the right" to keep the Silverbergs from opening Jordan restaurants. Cohn: "That leaves the Silverbergs with the rights to Michael Jordan's name on one restaurant in Chicago, but nowhere does it say that Michael Jordan has to show up here. And a Michael Jordan's restaurant without Michael Jordan, say experts, isn't much." Burns Sports Celebrity Service's Bob Williams: "If Michael Jordan is hanging out at a particular restaurant, you're gonna see a lot of celebrities, let alone fans, flock to that restaurant." Jordan's new restaurant opens next week under the name 160 Blue. None of the attorneys involved would comment ("The Edge," CNBC, 3/10).