Anthony Joshua lost sponsorship money totaling £3 million (N1.4 billion) after losing to Oleksandr Usyk in their first meeting last year.
When they squared off in London in September of last year, the 32-year-old lost his heavyweight championships to Usyk. In August, when the rivals squared up for the second time in Jeddah, Saudi Arabia, Joshua was determined to reclaim his titles. However, he fell short once more, suffering his second loss in a row and third in the previous four fights.
The turnover for Joshua’s business, 258 Management, has decreased by 35% between February of last year and February 2022, according to new financial data. Joshua earned over £8.5 million in the fiscal year that ended in February 2021 through endorsement partnerships with companies like Under Armour, Hugo Boss, and Beats.
The following financial year saw a decrease in that amount to roughly £5.5 million, which meant that the former two-time heavyweight champion had a loss in endorsements of about 35%. When the data are broken down, Joshua’s Non-EU region revenue suffered the greatest loss, falling from £3.6 million in the fiscal year before to February 2021 to £1.6 million in February 2022.
Although Joshua’s marketing and sponsorship revenues decreased from £3.5 million to £2.9 million in the UK, his stock hasn’t dropped as much there. Usyk’s first victory against Joshua was damaging to the British-reputation, Nigerian’s and 258 Management acknowledged this when they said that the lack of revenue from sponsorships and endorsements was due to outside companies giving his image rights less value.
“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,” a statement of the accounts read. “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.”
Tyson Fury, who now holds the WBC heavyweight title, and Anthony Joshua had been in negotiations for a bout in recent weeks, but the domestic matchup now appears to be off after both parties were unable to come to terms. Eddie Hearn, Joshua’s promoter, attributed the breakdown of negotiations to Fury’s unrealistic demands for the fight’s finalization.