Eagles Notebook: Vick back with Nike, to repay pension
Eagles Notebook: Vick back with Nike, to repay pension
Michael Vick gained some money and lost some yesterday.
Vick resumed his relationship with Nike, signing an endorsement deal that will include shoes, gear and apparel.
According to the Sports Business Journal, Vick and Nike officials agreed not to discuss the terms of the agreement.
"Mike has had a great relationship with Nike and is excited to be part of the Nike team again," Vick's agent, Joel Segal, told the Sports Business Journal.
Meanwhile, according to federal court filings in Newport News, Va., Vick agreed to repay at least $416,000 that he is accused of illegally withdrawing from a pension plan. The Labor Department said the payment settles a lawsuit against Vick for making transfers from the plan sponsored by a celebrity marketing company he once owned.
He was accused of withdrawing more than $1.3 million from the pension plan of the company, known as MV7. The department alleged that Vick improperly used the money to help pay penalties imposed on him after his dogfighting conspiracy conviction.
Vick also will pay a civil penalty of more than $80,000 and forfeit any rights to benefits from the plan.
MV7 filed for Chapter 11 bankruptcy on July 7, 2008. It sponsored a defined benefit retirement plan for nine current and former employees as of October 2008.
Phyllis Borzi, assistant secretary for the Labor Department's Employee Benefits Security Administration, said the settlement "ensures that these participants will get the plan assets owed to them."
Vick's relationship with Nike is an interesting turn, as the company becomes the first to have Vick among its endorsers since his conviction. Vick was a prominent part of the Nike brand, appearing in popular commercials and on the company's Web site, before the company suspended its relationship with him in 2007.
Then, the company called off the release of a fifth shoe line bearing Vick's name despite it having already been produced, according to reports. The four previous lines and T-shirts with Vick's name remained in stores.
In a statement released in 2007, the company said, "Nike is concerned by the serious and highly disturbing allegations made against Michael Vick and we consider any cruelty to animals inhumane and abhorrent."
The company continued: "However, we do believe that Michael Vick should be afforded the same due process as any citizen in the United States, therefore, we have not terminated our relationship."
Honors for
Kolb, Jackson
As expected, Kevin Kolb was named the NFC offensive player of the week for his performance against Kansas City. Kolb finished 24-for-34 for 327 yards and two touchdowns.
DeSean Jackson will be named the NFC special teams player of the month for September today. Jackson leads the league in yards per punt return and scored on an 85-yard return against Carolina in the season opener.
