Re: Backing
I doubt you will be able to make a huge amount of money for this. Perhaps if he set aside a set amount of money you can spend on buy-ins and you get to keep 10% of it if you spend it all (except your cut of course) and get to keep 50% if you get a seat earlier without spending more than 50%.
Most likely this has lower EV than playing your normal SnGs would have, unless your agreement is completely unreasonable.
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