Anthony Joshua Loses N1.4 billion

Anthony Joshua Loses N1.4 billion

After losing to Oleksandr Usyk in their first meeting last year, Anthony Joshua lost sponsorship money totaling £3 million (N1.4 billion).

When the two boxers faced off in London in September, Usyk won the heavyweight championship from the 32-year-old British boxer.

In August, Joshua lost in Jeddah, Saudi Arabia, for the third time in a row.

The turnover for Joshua’s business, 258 Management, has decreased by 35% from February of last year to February of 2022, according to new financial data. Joshua earned close to £8.5 million in the fiscal year that ended in February 2021 through endorsement partnerships with brands including Under Armour, Hugo Boss, and Beats.

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 holds the WBC heavyweight belt, and Anthony Joshua were scheduled to fight in recent weeks, but the fight has been cancelled because neither party could come to an agreement.

Eddie Hearn, Joshua’s promoter, attributed the breakdown of negotiations to Fury’s unrealistic demands for the fight’s finalization.

 

 

 

 

 

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