All of 19, Maria Sharapova is committing to a “lifetime” of sponsoring the only tennis racket brand she’s used as a pro.
Sharapova and Prince have agreed to an endorsement deal that will last until the end of her playing career and beyond, The Associated Press has learned.
The contract is set up to be worth about $25 million over the next 10 years, according to a person in the tennis industry who spoke to the AP on condition of anonymity because the parties didn’t want the deal’s terms disclosed.
Sharapova will earn royalties from sales of various Prince products, and there are clauses tied to tournament appearances, success and rankings.
“We hope Maria will perform at a minimum level, and we have no doubt she will. The contract is very similar to others in many ways, where she has the opportunity to earn additional dollars with even stronger performance,” said Linda Glassel, Prince vice president of sports marketing and communications.
“This contract is all about a partnership and a collaboration, and whether Maria wins 10 Grand Slams or one over the next couple of years, we’re very, very confident that the partnership will continue to grow.”
The contract succeeds the five-year deal Sharapova signed with Prince when she was 14 and is the latest step in the marketing of the 2004 Wimbledon champion. She’s been estimated to earn between $23 million and $25 million annually, including sponsorships and prize money (but mostly sponsorships), and her off-court activities are managed by the same agency, IMG, that works with Tiger Woods. |
