Anthony Joshua Loses 1.4 Billion Naira

Anthony Joshua lost £3m (N1.4bn) worth of sponsorship money after getting outpointed by Oleksandr Usyk the first time they faced off  last year, Punch Sports Extra reports.

The 32-year-old lost his heavyweight titles to Usyk when the pair fought in London last September. Joshua was on a mission to win back his belts when the rivals met for the second time in Jeddah, Saudi Arabia in August, but came up short yet again, as he suffered his second defeat in a row and third in the last four.

New financial records for Joshua’s company 258 Management have shown a 35 per cent reduction in turnover from February last year through to February 2022. In the financial year leading up to February 2021, Joshua made almost £8.5m through endorsement deals with the likes of Under Armour, Hugo Boss and Beats.

That figure dropped to almost £5.5m in the next financial year, meaning the former two-time heavyweight champion saw around a 35 per cent loss in endorsements. Breaking down the numbers, Joshua’s biggest loss in revenue came from the Non-EU area as this reduced by £3.6m in the financial year leading up to February 2021 to £1.6m in February 2022.

Joshua’s stock hasn’t depreciated as much in the UK, as his marketing and sponsorship revenues went down from £3.5m to £2.9m in the region. 258 Management recognised the damage Usyk’s first win over Joshua did for the British-Nigerian’s image, as they said the loss of revenue in sponsorships and endorsements have come from third parties placing less value on his image rights.

-Punch

About Delia Innoma

Delia Innoma is a prolific writer, promoter, artist manager with full professional proficiency in English, German and Igbo languages. She studied accounting and computer programming at the Institute of Management and Technology Enugu and Germany respectively. Delia is also a devoted mother of two and she founded the Diamond Celebrities Magazine. Her sense of responsibility and commitment to the Christian faith are essential forces driving her daily activities.

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