NEW YORK (MarketWatch) -- Nike
Inc. has filed a suit against Reebok, a unit of Adidas AG , claiming that Reebok is using New York Jets' Tim
Tebow's name on Jets related apparel without his permission or a valid license. Nike said Reebok last week unveiled new products bearing Tebow's name and his presumed Jets number without a license and authorization from the quarterback after the football player was traded from Denver Broncos. Nike said the New York area, the largest professional sport and media market in the U.S., is also the largest such market for the National Football League. It said Tebow's Broncos jersey was the second highest selling NFL jersey among all NFL players by completion of the 2011 NFL season. Nike said that it has a license from both Tebow individually and a group license from NFL players. It said Reebok had a valid group license with NFL players that already expired prior to March 1, when Nike took over that license. It also said Reebok's NFL license to use the league's logos on apparel expires March 31. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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