Fakoyejo Olalekan
Anthony Joshua has began to experience loss of revenue in sponsorships and endorsements, as his company, 258 Management, reported brands are now undervaluing the British-Nigerian boxer.
The loss in revenue comes after Joshua lost his heavyweight title to Oleksandr Usyk during a bout last September in London. Recall that both boxers rematched in Jeddah, Saudi Arabia in August, and Usyk defeated him again.
Join our WhatsApp ChannelIn the financial statements released by 258 Management that covers the period between February 2021 and February 2022, it was disclosed that £3 million (N1.4 billion).
His revenue fell to £2.9 million from £3.5 million during the period in review. His company said third party brands have been underpricing his image, resulting to the dip in revenue.
Joshua’s image had grossed £8.5 million in endorsement deals from Under Armour, Hugo Boss, and Beats prior to the first fight Joshua had with Usyk, but since the defeat, his stock has been on a decline.
The company stated, “The sponsorships and endorsements division has decreased by 35 per cent from 2021 to 2022. This is as a result of third parties placing less value on the use of the fighter’s image rights.”
It added that, “The company faces a number of risks and uncertainties and the director believes the key business risks are in respect of competition from both within the UK and international markets.
“In view of this risk and uncertainty, the director is aware that the development of the company may be affected by factors outside its control. The directors anticipate the business environment will remain competitive.
“The directors believe that the company is in a good financial position and that the risks that have been identified are being well managed.”
