One of the creditors listed in Michael Vick’s bankruptcy-reorganization filing is one of a small number of players in the world of selling memorabilia autographed by famous athletes.
Radtke Sports Inc. operates a Web site that sells balls, hats, helmets, jerseys, photos and other items hand-signed by professional athletes. Radtke, which also operates a store in Marietta, has an exclusive agreement with Green Bay Packers quarterback Brett Favre to sell his hand-signed merchandise.
Radtke Sports also had an exclusive agreement with Vick . But Vick’s conviction on federal dog-fighting charges last year, and subsequent sentencing to a two-year-long stint in federal penitentiary, changed all that, said Radtke Sports’ counsel, Kimbrell & Burgar partner P. Darrell Kimbrell in Atlanta.
“You don’t ever anticipate anything happening like what happened with Vick,” Kimbrell said.
Vick listed Radtke Sports as one of his 20 largest unsecured creditors in a filing with the U.S. Bankruptcy Court for the Eastern District of Virginia, estimating that he owes the company about $550,000. But Kimbrell said that figure doesn’t include the full amount that his client requested in separate litigation he filed last year in Cherokee County (Ga.) Superior Court.
After his sentencing, Radtke Sports sued Vick when he “failed to provide autographs” pursuant to the terms of his agreement, Kimbrell said. Vick was obligated to provide a certain number of autographs per year; these signatures would have been produced in person at collectors’ trade shows or in private signings, Kimbrell said.
Only a few athletes have exclusivity agreements with autographed merchandise resellers, Kimbrell said. Indianapolis Colts quarterback Peyton Manning and New York Yankees shortstop Derek each has an exclusive deal with Steiner Sports Marketing & Memorabilia Inc. of New York. Former Yankees pitcher Roger Clemens and former Auburn Tigers football star Bo Jackson have deals with TRISTAR Productions Inc. of Houston. But many players, such as John Smoltz, have never agreed to sell their autographs exclusively through a reseller.
“There aren’t that many athletes who have exclusive agreements,” Kimbrell said. “There isn’t that big of a demand for it.”
Even with the exclusivity deals, athletes still sign autographs for fans at no charge when they are exiting the field or playing court at a stadium or arena, Kimbrell said.