Rafael Nadal Lets Contract With IMG Expire As He Gets Ready For Return From Injury
Rafael Nadal, who returns to competition Tuesday in Chile "after a seven-month hiatus because of injury," let his contract with management agency IMG expire Dec. 31, according to Duff & Rossingh of BLOOMBERG. IMG Tennis Worldwide Managing Dir Fernando Soler said Nadal "wanted to set up his own company." According to Forbes magazine, Nadal made $25M in endorsements last year, so the move may save him as much as $3.8M in agency fees. Chicago-based consultancy Sportscorp Ltd. President Marc Ganis said, "Nadal doesn’t need to look for corporate sponsors any more, they will come to find him." Roger Federer, tennis' top moneymaker with annual earnings in deals and prize money of $52.7M, left IMG in June. Nadal's IMG handler for 12 years Carlos Costa is "now managing him independently and has started a company with Nadal’s father, Sebastian." Nadal’s spokesperson Benito Perez-Barbadillo declined to comment on the move and Costa "didn't return a message" (BLOOMBERG, 2/4).