Bolt’s manager happy with new deal
USAIN Bolt’s manager Norman Peart said he is happy with the deal the world record-holder and triple World and Olympic champion has made with sports gear company PUMA said to be the largest sponsorship contract by a track and field athlete.
Bolt and PUMA announced yesterday that they had renewed the partnership they started in 2003 until the end of 2013 for an undisclosed sum.
Reports yesterday speculated that the new package could run in the region of US$400 million.
“The new contract is by far the largest ever given to a track & field athlete, but also puts Usain among the top earners across all sports,” said a statement on PUMA’s website.
Under the deal, the Herzogenaurach, Germany-based outfit will continue to be the official supplier of performance, training, lifestyle apparel and footwear for Bolt, who “will play a pivotal role in PUMA’s global marketing campaigns and serve as the central figure in the sport lifestyle company’s London 2012 Olympic programme.”
Chairman and Cchief executive officer of PUMA AG, Jochen Zeitz, called the sprinter a “revelation” for track and field, adding that Bolt’s personality and phenomenal physical prowess were a unique combination.
“From a performance standpoint, he has reset the bar for speed on the track, and we’re not sure he’s even hit his top gear yet. It’s going to be an exciting few years ahead and we’re thrilled to be along for the ride,” he said.
“PUMA gets me; we fit together,” Bolt said. “PUMA’s been by my side since the beginning, before anyone knew what I was capable of achieving…
“They saw potential in me and they took a chance, supporting me all the way, especially when things weren’t easy for me due to injuries I suffered in my teens,” Bolt added.
Bolt first signed with PUMA a year after winning the World Junior 200-metres title in Kingston in 2002 in a deal which was heavily criticised at the time.
Recently, there has been talk that the athlete was missing out since his explosion at the 2008 Beijing Olympic Games and could be earning a lot more with another company.
However, Peart told the Observer that his management team is pleased with the terms of the contract.
“We’re happy with what it is…. all due diligence was done and we’re satisfied that we’ve made the best deal for him,” he said.
Former managing director of the 2007 ICC Cricket World Cup and current LIME chairman, Chris Dehring, said there was no reason to believe Bolt was being short-changed.
“The market determines the value,” Dehring told the Observer.
“The reality is if Nike and the others saw more value in him they would pay more, so it’s nonsense to think that he is under-paid… if he really is worth more, he would be getting more,” Dehring asserted.
When asked if Bolt had been approached by any other sporting companies, Peart replied: “I will not comment on that.”
Observer writer and publisher of the Caribbean Business Report, Al Edwards, said given the universal appeal of sports, Bolt deserves to be earning as much as the other top sporting stars in the world.
Former world record-holder Asafa Powell recently signed a deal with Chinese apparel company Li Ning reported to be worth between US$250,000 and US$750,000 per year, while Miami Heat basketballer Lebron James earlier this year renewed his shoe deal with Nike which when first signed in 2003 was worth more than US$90 million.
When Sports Illustrated published its 2009 list of 50 highest paid Americans and 20 highest paid international athletes, there were no track and field athletes on either list which was dominated by basketball and baseball players.
Edwards suggested that while Bolt has not been around for as long as golfer Tiger Woods, who is the highest-earning sports star in the world with earnings of US$1 billion, he is arguably a better bet.
“Tall, athletic, personable, charismatic, articulate, cool yet modest, he (Bolt) packs more firepower for advertisers than the geeky Woods,” Edwards said.
“Bolt is clean-cut and has managed to avoid any salacious and lurid headlines,” he added, making reference to Woods’ fall from grace after reports of extra-marital affairs which eventually led to his divorce.
PUMA, which saw its earnings skyrocket following Bolt’s record-breaking exploits in Beijing, also sponsors the Jamaican Amateur Athletic Association (JAAA) and the Jamaican Olympic Association (JOA).
In addition, the company sponsors seven local high school track teams, including ISSA GraceKennedy Boys champions Wolmer’s and sister school Wolmer’s Girls’; Calabar, and St Jago.
They are also involved with other local athletic events including the Gibson Relays and the annual Reggae Marathon.