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Anthony Joshua lost N1.4 billion after Oleksandr Usyk defeat

Anthony Joshua lost N1.4bn after Oleksandr Usyk defeat

Anthony Joshua lost £3m (N1.4bn) in sponsorship money after being edged out by Oleksandr Usyk the first time they faced each other last year

The 32-year-old British boxer lost his heavyweight title to Usyk when the duo fought in London last September.

Joshua also suffered his second consecutive defeat and his third in the last four in Jeddah, Saudi Arabia in August.

New financial records for Joshua’s company, 258 Management, showed a 35% reduction in revenue from February last year to February 2022. In the fiscal year to February 2021, Joshua earned nearly £8.5million through endorsement deals with Under Armour. , Hugo Boss and Beats.

Joshua’s shares did not depreciate as much in the UK, as his marketing and sponsorship income fell from £3.5m to £2.9m in the region. 258 Management acknowledged the damage caused by Usyk’s first victory over Joshua in the image of the Anglo-Nigerian, as they said the loss of revenue in endorsements and endorsements came from third parties placing less value on his image rights.

“The Sponsorships and Endorsements division has decreased by 35% from 2021 to 2022. This is due to third parties placing less value on the use of fighter image rights,” an account statement read. “The company faces a number of risks and uncertainties and the director believes that the main business risks relate to competition both in the UK and in international markets.

“Given this risk and uncertainty, the director is aware that the development of the company may be affected by factors beyond his control. The directors anticipate that the business environment will remain competitive. The directors consider that the company is in good financial condition and that the risks identified are well managed.

Joshua had been in talks for a heavyweight title fight against WBC titleholder Tyson Fury for the past few weeks, but the departure was called off after the two sides could not reach an agreement.

Joshua’s promoter Eddie Hearn blamed the unrealistic deadlines Fury put on finalizing the fight as the reason for the talks collapsing.

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