Backing a Player

[Nexeffect]

I'm considering backing a player for all the world series of poker NL holdem events except the rebuys and main event. Thats approximately 30k in 13 events. He's one of the top online cashgame players and can play tournaments very well as well. Also, he is joining the tournament circuit and we agreed that if I take a loss in the deal he will pay me 25% of the loss on a 250k score, 50% on a 500k score, and 100% on a million dollar score. He wants a 45-55 split in his favor, since we're adding the fact thatI can get my money back if he wins later. What do you think of this deal?