NEW DELHI: The sports celebrity endorsement market is valued at Rs 1,350 crore ($153 million), marking a 2.2 times growth over the past four years, according to a recent report by WPP Media. Cricket dominates the space, contributing 87 per cent or Rs 1,178 crore ($133 million), while other sports account for Rs 173 crore ($20 million).“With rising sophistication in the endorsement arena, athlete-led endeavours are steadily becoming institutionalised, indicating a more coordinated approach to value extraction,” said the 13th edition of the ‘Sporting Nation: Building a Legacy’ report.
It continued: “This pattern is particularly evident among high-profile players who are leveraging their stature to create well-designed deals.”One example of this is Virat Kohli’s association with One8 and his strategic investment in becoming a co-owner of Agilitas Sports.As elite athletes identify their economic worth, they’ve also started to shift from traditional talent management agencies to taking direct charge of their contracts through independent ventures or in-house offices managed by friends and family.“Athletes are increasingly viewing themselves as enterprise entities rather than solely as represented talent,” stated the WPP Media report.After a 12-year association with Reliance Industries’ RISE Worldwide, Hardik Pandya, one of the most bankable Indian cricketers, officially parted ways in November last year. “I’m excited to share that I’m officially setting up my family office [Hardik Pandya Family Office] to bring all my business ventures, investments and off-field commitments under one unified version. This is an important step towards building long-term meaningful opportunities on and off the field, and I could not be more thrilled about what is ahead,” he said in a post on November 26.Alongside Hardik, his brother Krunal Pandya, Ishan Kishan and Shreyas Iyer also left the sports and lifestyle business arm of RIL.
A professional athlete career is a race against time. At 35, when most individuals pursuing successful careers in their respective fields wonder how to take their professional journeys to the next level, a top sportsperson begins to wonder what he or she will be doing next
Shreyas Iyer | Punjab Kings captain
Krunal is now managed by the same agency as Hardik. Ishan Kishan, who parted in February this year, has his affairs managed by a friend. Iyer, meanwhile, has started 96 Degree to manage his affairs.“..Hunger to score runs and win championships remain the bedrock of my life, my perspective has widened,” wrote Iyer, the ODI vice-captain and skipper of IPL franchise Punjab Kings, in the WPP Media report.“A professional athlete’s career is a race against time. At 35, when most individuals pursuing successful careers in their respective fields wonder how to take their professional journeys to the next level, a top sportsperson begins to wonder what he or she will be doing next. Didn’t someone say sport is cruel?”
My early career experiences have shaped my financial sobriety. My philosophy towards wealth is deeply intertwined with the lessons I have learned on the 22 yards, discipline, patience and a calculated approach to risk.
Shreyas Iyer
“We earn most of our lifetime income in a condensed window. To manage this effectively, one must shift from the mindset of ‘earning income’ to ‘building generational value.’ I’ve looked closely at global icons — athletes who have transitioned from being superstars to operating as sophisticated investment platforms. They don’t just sign checks; they own the cap table. ““My early career experiences have shaped my financial sobriety. My philosophy towards wealth is deeply intertwined with the lessons I’ve learned on the 22 yards, i.e., discipline, patience and a calculated approach to risk.”“Starting my own management firm, ’96 Degree’ is not a departure from those relationships, but rather the next chapter built upon the strong foundations we laid together. It is a transition from ‘managed talent’ to self-determined entrepreneurship,” he continued while thanking those at RISE Worldwide.“I hope this move inspires younger athletes to think financially from the start. We need more financial education for the athletes in India, moving away from “advice from friends” toward entrepreneurial excellence,” he added.
In non-cricket, this trend of leaving the (traditional) agencies and starting your own individual thing is not there. Neeraj is an exceptional case. Otherwise, 99.9% of the athletes are managed by one of the other larger agencies
Rahul Trehan, COO of iOS Sports and Entertainment
Other notable cricketers keeping things independent or in-house are Test and ODI skipper Shubman Gill, Rishabh Pant and Sanju Samson. Before this young bunch, Sunil Gavaskar (PMG Sports), Sachin Tendulkar (SRT Sports Management) and MS Dhoni (Midas Deals) also managed their own commercial interests.An industry insider said another major reason elite athletes step away from traditional agencies is that they can control their affairs better, rather than jostling for deals with their peers. The dividends are already visible for some, as they are reaping endorsements at 3x their previous values.
Neeraj Chopra an anomaly
The trend is not limited to cricket. Two-time Olympic medallist and world champion Neeraj Chopra ended his decade-long association with JSW Sports and launched his own management agency, Vel Sports, earlier this year.But Neeraj is a one-off in the non-cricket space.“In non-cricket, this trend of leaving the (traditional) agencies and starting your own individual thing is not there. Neeraj is an exceptional case. Otherwise, 99.9% of the athletes are managed by one of the other larger agencies,” said Rahul Trehan, COO of IOS Sports and Entertainment.Their roster includes multiple Olympic medallists: Vijender Singh (boxing), Anju Bobby George (athlete), Mirabai Chanu (weightlifting), Hardik Singh, Manpreet Singh (hockey), and Lovlina Borgohain (boxing).
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He pointed out that non-cricket athletes have reason to be cautious, as the market is volatile for them and cyclical depending on marquee events.“Cricket is a sport where there’s a regular dosage for the audience. In non-cricket events, there are fewer, and in most cases, there is no live telecast. So the recall value is higher in cricket as compared to non-cricket,” explained Trehan.“In cricket, one knock can take your brand value up. But, in non-cricket competitions, there are fewer, and it is mostly a game of a four-year cycle. The Olympics are the biggest event for them.”“If you see Manu Bhaker, she was in the limelight after the (Paris) Olympics. Now again, the market is slow for her. Every Olympics, we get a new star. In 2016, it was Sakshi Malik; there was also Deepa Karmakar. Neeraj got good deals after the Tokyo Olympics. Manpreet (Singh) got good deals… it is not like cricket,” he added.