Olympic sprint champion Usain Bolt has signed a new contract with Puma which will see him earning an estimated $10 million a year through to 2016, an “extra $10 million” if he competes in the world championships in London in 2017, and an additional $4 million annual salary to serve as a “Puma Ambassador” on retirement.
The deal follows the sprinter’s announcement on September 4 that he will retire after the 2016 games, though he has since intimated that he might not hang up the spikes quite so soon—perhaps an extra $10 million changed his mind.
Bolt, 27, has been sponsored by Puma since the age of 16 and has become the face of the company’s multiple global marketing campaigns.
The renewal of the contract is a fillip for a brand struggling to keep pace with larger rivals Adidas and Nike.
Forbes estimated that Bolt was paid $9-million annually under his current deal that expires at the end of the year.
“I have always been very happy to be a part of the Puma family; I am proud to represent them and delighted to continue with them for the years ahead.
They recognised my talent at an early age and have supported me throughout, especially in the early years when I had difficult times due to injuries,” Bolt said in a statement.
Is Puma getting its money’s worth? Maybe so, says Nigel Currie, managing director of the British company Brand rapport.
“The impact he has had for Puma can not be overstated,” he says.
“It has certainly given Puma the credibility and the step up that it needed to be seen as a major player—that life isn’t all about Adidas and Nike.”
The Jamaican has been in terrific form, winning this year’s world championships, and then closed out the season on September 6 with a victory in the 100 meters at the Memorial Van Damme in Brussels.
He still holds the title of “fastest man in the world.” As the Wall Street Journal’s Jason Gay observed in 2012:
“The most satisfying part of Bolt—even more than his brilliant runs—is how much he demolishes the myth that the world wants humble athletes.”
Bjorn Gulden, the new CEO of the German owned sports company who took the job in July, made the renewal one of his initial priorities after the company said it was ending its sponsorship of the Oracle Americas Cup sailing team and European rugby union.
Gulden called Bolt a perfect ambassador for Puma.
“He will play a crucial role in our future product concepts as well as brand communications leading towards the Olympic Games in Rio 2016 and beyond,” Gulden said.
The laid back Jamaican sprinter is a three time Olympic gold medalist and world record holder at 100m(9.58), 200m (19.19), and along with his team mates, 4x100m relay (37.10).
Although he did not become a global super star until 2008 Olympics in Beijing, Bolt was always destined for greatness.
He holds the World Youth record (20.13 at age 16) and World junior (19.93 at age 18) for 200m
Currently he is the only man to hold both the 100m and 200m World and Olympic titles at the same time.
Bolt is ranked 40th on the Forbes list of the world’s best paid sports stars, the richest track and field athlete.
He had estimated annual earnings of $24.2-million over the past year, the bulk of which came from endorsements, Forbes said.
Puma, controlled by French luxury goods group Kering, has suffered falling sales and profits after focusing on fashion products rather than running shoes and soccer gear.
Kering has criticized Puma in the past for not making enough of its sponsorship of Bolt.
Comments
About Author
