Backer Question

[David]

I have a very good friend of mine who has approached me with a backing proposal. This is for a 1 trip deal with possibly more in the future. Here are the specifics;

He will pay all travel expenses.
He will pay all hotel expenses.
He will pay all food, etc expenses.
He will pay all tournament and satellite entry fees.
He will bankroll (very sufficiently) any ring games I care to play.
He will pay everything (he told me "don't bring a dollar").

This arrangement will be at a major yearly tournament. I have told him I will play up to 4 tournaments in 7 days with most of my free time spent in PL/NL ring games. I do usually play a few satellites also. This is my usual routine when I go to tournaments. If I wake up one day and don't feel like playing, I don't, no matter how much I planned on playing a particular tournament. I know not to play when I don't feel like playing. I have told him my routine and he has been to several tournaments with me.So this is very clear.

Now, for the split......he wants 45% of all winnings and he absorbs all losses. He proposed this and I will not make any type counter proposal. I will either take the offer he has made or turn it down. Is this a fair deal for us both ? I do want the deal to be fair to the both of us.