JSW Sports to manage Chopra, Punia endorsements
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JSW Sports has signed long term contracts for managing endorsement deals of Olympic medalists Neeraj Chopra and Bajrang Punia. Most of these deals are expected to run through to the next Olympics to be held in Paris in 2024.
The endorsement fees of both sportsmen have risen multi-fold to over ₹2 crore per year from ₹20-30 lakh paid before their win in Tokyo.
Currently all endorsement deals being negotiated are upwards of ₹2.5 crore per year, said sources.
Also see: India tops in highest engagement on Facebook during Tokyo Olympics
Various brands across sectors including wearables, e-commerce, autos, and consumer electronics products categories have been lining up to sign the Olympic winners, he added.
When contacted, a JSW Group spokesperson declined to comment.
Currently, Chopra is Brand Ambassador of Gillette, Exxon Mobile, and Muscle Blaze while Punia endorses for Asics, Optimum Nutrition, Thums Up, Exxon Mobil, and Moj.
By winning the gold medal in men’s javelin, Chopra ended India’s 13-year-long wait for the national anthem at the medal ceremony in the Olympics. The 23-year-old from Panipat is a Junior Commissioned Officer in the Indian Army. His Tokyo gold assures him of a promotion to Subedar-Major, a rank attained after 30 years of service.
Punia won a creditable bronze in the men’s freestyle despite nursing a serious knee injury. He is the only Indian wrestler to have won three medals at the World Wrestling Championship. He added an Olympic medal to his list after winning the bronze medal match at the Tokyo Olympics 2020.
Neeraj Chopra to bag more endorsement deals after gold at Tokyo Olympics
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After Neeraj Chopra’s historic gold medal win at Tokyo 2020, BCCI announced a Rs 1 crore cash reward for the star javelin thrower.
Javelin thrower Neeraj Chopra has become the second Indian to have won a gold medal in Olympics in individual events.
And this is making many brands take note of him.
The sports arm of JSW Group, JSW Sports that manages the portfolio of Chopra, is already seeing many brands approaching them to associate with the athlete.
“We are seeing a lot of interest from brands. In fact, there was a lot of interest after he qualified for the finals. We were waiting for the finals to see how it goes. We will start activating conversations tomorrow,” Mustafa Ghouse, CEO, JSW Sports, told Moneycontrol.
He added that brand interest is diverse.
“Whole host of categories are showing interest. Pretty much his entire portfolio is open. We have a lot of options to work with right now.”
For Chopra who is a brand ambassador of Gillette, ExxonMobil, Muscle Blaze, JSW Sports is focusing more on endorsement deals.
While it will be both endorsement and digital activation, the first focus is endorsements, said Ghouse.
“As that’s long term we would like to see brands take that up. And there will be some digital led deals too.”
In addition, Ghouse expects to see price correction in Chopra’s endorsement fees.
It is estimated that Chopra’s endorsement fees was in the range of Rs 20-30 lakh per year which will now see a 1000 percent increase.
Currently, all endorsement deals are being negotiated upwards of Rs 2.5 crore per year
“He will be able to command better fees. It’s the first gold medal in track and field in 100 years. The kind of people that are posting and commenting about javelin and track and field it is way more than we have ever seen,” said Ghouse.
There is no denying that Chopra’s gold in the Tokyo Olympics got everyone’s attention.
Brands not only congratulated the athlete but also offered many rewards to Chopra.
IndiGo airlines announced that it will offer unlimited free travel to ‘Gold Medallist’ Neeraj Chopra for a period of one year.
ITC’s stationery brand Classmate took to Twitter to congratulate Chopra.
“Congratulations Neeraj Chopra on your perfect throw. Classmate celebrates your victory and hopes that your historic win inspires millions of Indians to dream big and enjoy learning various sports.”
Along with this, The Board of Control for Cricket in India (BCCI) on Saturday announced a cash award of Rs 1 crore for Chopra.
Chennai Super Kings Cricket Ltd announced that it is awarding Rs 1 crore to Chopra.
Earlier known as GoAir, Go First has offered free travel to all medal-winners until 2025. The offer is applicable to all who won it for their country.
Industrialist Anand Mahindra took to Twitter to gift Chopra the XUV700.
Edtech major Byju’s announced a cash reward of Rs 2 crore for star India javelin thrower Neeraj Chopra following his gold medal winning feat at the Tokyo Olympics.
Also, Lovely Professional University from where Chopra is pursuing his Bachelors in Arts degree will be gifting Rs 50 lakh to the Olympic champion.
These rewards don’t come as a surprise as team India has given its best performance in Olympics.
India finished its Tokyo Olympics campaign with one gold, two silvers and four bronze medals.
How Much is Neeraj Chopra Worth after Gold Medal and How Much Did He Get as Prize Money?
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Neeraj Chopra became India’s first track and field gold medal winner at Tokyo Olympics and become the second Indian to have won an individual gold medal at Olympics. Chopra now holds gold medals in javelin throw at the Commonwealth Games, Asian Games and now the Olympics, all at the same time. Andwith his gold, India, with seven medals at Tokyo Games, have surpassed the tally of six medals won at 2012 London Olympics. This is the most medals won by India in a single edition of Olympics.
ALSO READ | Neeraj Chopra Explains Feelings Moments Before His Last Throw When He Had Already Won Gold
And brands are taking note of the star javelin thrower.
JSW Sports, an arm of JSW Group, that manages Neeraj’s portfolio, is already seeing many brands approaching them to associate with India’s gold medal winner.
“We are seeing a lot of interest from brands. In fact, there was a lot of interest after he qualified for the finals. We were waiting for the finals to see how it goes. We will start activating conversations tomorrow," Mustafa Ghouse, CEO, JSW Sports, told Moneycontrol.
“Whole host of categories are showing interest. Pretty much his entire portfolio is open. We have a lot of options to work with right now," he added.
WATCH | Jana Gana Mana Played at Tokyo Olympics as Neeraj Chopra Wins Gold on Rabindranath Tagore’s Death Anniversary
Chopra is a brand ambassador of Gillette, ExxonMobil, Muscle Blaze as JSW Sports is looking to focus more on endorsement deals.
“As that’s long term we would like to see brands take that up. And there will be some digital led deals too," Ghouse added.
Chopra’s endorsement fees, according to an estimation, was in the range of Rs 20-30 lakh per year and Ghouse sees a 1000 per cent increase, with all endorsement deals are currently being negotiated upwards of Rs 2.5 crore per year.
ALSO READ | How Much Cash Reward Did Neeraj Chopra Get after Winning Gold Medal at Tokyo Olympics?
BCCI has already announced a Rs 1 crore cash reward with the Indian Premier League’s Chennai Super Kings franchise adding a cash award of Rs 1 crore. That is not all, as Haryana Chief Minister ML Khattar announced Rs six crore for the 23-year-old athlete from the state while his Punjab counterpart Amrinder Singh declared a special cash reward of Rs 2 crore. Manipur cabinet has also extended their support with a Rs 1 crore cash reward.
Anand Mahindra promised an XUV 700 model to Neeraj as IndiGo announced unlimited free travel for Neeraj for one year and BYJUs announced a cash prize of Rs 2 crore.
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