Anthony Joshua’s umbrella company 258 Management saw a 35 per cent reduction in turnover from February 2021 through to February 2022, new accounts have revealed.
The Nigeria born British heavyweight fighter, whose company’s principal aim purports to be securing endorsements and sponsorship deals, saw a significant reduction in revenue following his first loss to Oleksandr Usyk at the Tottenham Hotspur Stadium last year.
Revealing a costed breakdown of the year-on-year revenue streams, the new accounts reveal a drop off in endorsement deals for the fighter which amount to around £3m.
In the year to February 2021, Joshua made £8,453,578 via various endorsement deals, including the likes of Under Armour, Beats and Hugo Boss.
However, in the subsequent financial year, up to February 2022, his endorsements almost fell off a cliff, with the company bringing in just £5,527,952. The drop off amounts to around 35 per cent lost in endorsements.
A breakdown of the numbers reveals the most significant loss in revenue came from the Non-EU area, with Joshua’s 2021 endorsement revenue stream of reducing by almost £2m from £3,576,787 to £1,598,980.
The EU and UK endorsement reductions were less dramatic, but no less startling for a fighter who prior to the Usyk bout held three belts and stood atop of the heavyweight division after getting his career back on track having lost to Andy Ruiz Jr.
Marketing and sponsorship revenues in the UK went from £3,477,958 to £2,914,285, showing their remains more faith in their homegrown fighter than there perhaps is on the international stage at present. Meanwhile, companies in the EU turned their backs with the revenue from deals falling from £1,398,833 to £2,914,285.
Anthony joshua during his visit to Shagamu, Nigeria
Accompanying the numbers, 258 attempted to explain the reasons for what some might say is an alarming loss of funds for a fighter who was once the envy of every British athlete in terms of deals with outside companies all wanting a slice of the pie.
‘The sponsorships and endorsements division has decreased by 35% 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 in the accounts reads.
‘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. There are fillers that Joshua born in Watford to a Nigerian mother, Yeta Odusanya, and a British father of Nigerian and Irish descent, Robert, in 1989 is among those to be given National Award October 11 in Abuja.