New Delhi: According to a recent report by WPP Media, the sports celebrity endorsement market is worth Rs 1,350 crore ($153 million), a 2.2-fold increase over the last four years. Cricket dominates the space, accounting for 87 percent or Rs 1,178 crore ($133 million), while other sports account for Rs 173 crore ($20 million).The 13th edition of the ‘Sporting Nation: Building a Legacy’ report states, “With increasing sophistication in the sponsorship arena, athlete-led efforts are becoming increasingly institutionalized, indicating a more integrated approach to extracting value.”
It continues: “This pattern is particularly evident among high-profile players who are leveraging their stature to make well-designed deals.”An 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 realize their economic value, they have turned to independent ventures or in-house offices run by friends and family to take direct charge of their contracts from traditional talent management agencies.“Players are increasingly seeing themselves as enterprise entities rather than just representative talent,” the WPP Media report said.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 am excited to announce that I am officially establishing my family office. [Hardik Pandya Family Office] To bring all your business plans, investments and off-field commitments under one unified version. This is an important step toward creating meaningful long-term opportunities on and off the field, and I couldn’t be more excited about what lies ahead,” he said in a Nov. 26 post.Along with Hardik, his brothers Krunal Pandya, Ishaan Kishan and Shreyas Iyer also left RIL’s sports and lifestyle business.
A professional athlete’s career is a race against time. At the age of 35, when most individuals think about taking their professional journey to the next level with successful careers in their respective fields, a top athlete begins to think about what he will do next.
Shreyas Iyer | Captain of Punjab Kings
Karnal is now managed by Hardik’s agency. Ishan Kishan, who parted ways in February this year, is managed by a friend. Iyer, meanwhile, has started 96 degrees to manage his affairs.“..the hunger to score runs and win championships remains the bedrock of my life, my vision has broadened,” Iyer, the ODI vice-captain and captain of IPL franchise Punjab Kings, wrote in a WPP media report.“A professional athlete’s career is a race against time. At age 35, when most people with successful careers in their respective fields are thinking about how to take their professional journey to the next level, a top athlete begins to think about what to do next. Didn’t anyone say sports are cruel?”
My early career experiences have shaped my financial anxiety. My philosophy towards wealth is deeply rooted in the lessons I learned at 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 it effectively, one must shift from an ‘income-earning’ mindset to a ‘productive value-building’ mindset. I’ve seen global icons up close—players who have transitioned from being superstars to serving as sophisticated investment platforms. They don’t just sign checks; they own the cap table.”“My early career experiences have shaped my financial anxiety. My philosophy towards wealth is deeply connected to the lessons I learned at 22 yards, namely discipline, patience and a calculated approach to risk.”“Starting my own management firm, ’96 Degrees,’ is not a departure from those relationships, but the next chapter we’ve built on the strong foundation we’ve built together. It’s a transition from ‘managed talent’ to self-created entrepreneurship,” he said, thanking those at RISE Worldwide.“I hope this initiative will encourage young players to think financially from the start. We need more financial education for players in India, moving away from “advice from friends” to business skills, he added.
There is no trend in non-cricket to leave the (traditional) agencies and start their own individual thing. Neeraj is an unusual case. Otherwise, 99.9% of athletes are managed by one of the other major agencies.
Rahul Tarhan, COO of iOS Sports and Entertainment
Other notable cricketers who keep things independent or domestic are Test and ODI captains Shibman Gill, Rishabh Pant and Sanju Samson. Before this young group, Sunil Gavaskar (PMG Sports), Sachin Tendulkar (SRT Sports Management) and MS Dhoni (Midas Deals) also managed their business interests.Another big reason elite athletes are moving away from traditional agencies is that they can better control their affairs instead of wrangling with their teammates for deals, an industry insider said. For some, the dividends are already visible, as they are receiving endorsements at 3x their previous values.
Neeraj Chopra is an anomaly
This trend is not limited to cricket. Two-time Olympic medalist and world champion Neeraj Chopra ended his decade-old association with JSW Sports and launched his management agency Well Sports earlier this year.But Neeraj is once again a player in the non-cricket arena.“In non-cricket, there is no trend of leaving (traditional) agencies and starting their own individual thing. Neeraj is an exceptional case. Otherwise, 99.9% of players are managed by one of the other big agencies,” said Rahul Trehan, COO, IOS Sports and Entertainment.Their list includes multiple Olympic medalists: Vijender Singh (boxing), Anju Bobby George (athlete), Meerabai Chanu (weightlifting), Hardik Singh, Manpreet Singh (hockey), and Lulina Borgohen (boxing).
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He pointed out that non-cricketers have reason to be cautious, as the market for them is volatile and dependent on marquee events.“Cricket is a sport where there is regular fodder for fans. In non-cricket matches, there are fewer, and in most cases, no live telecasts. So the recall value is higher in cricket than in non-cricket,” explained Trehan.“In cricket, a knock can increase your brand value. But, in non-cricket competitions, there are fewer, and it’s mostly a four-year cycle sport. Olympics is the biggest event for them.“If you look at Manu Bhakar, 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. It’s not like cricket,” Manpreet added.
