Usain Bolt Signs $10M Extension With Puma To Run Through 2016 Rio Olympics
Puma has renewed its endorsement contract with sprinter Usain Bolt through the 2016 Rio Olympics. Bolt will continue to be the face of Puma's global and brand marketing campaigns (Puma). Reuters' Keith Weir reported Bolt will be paid $10M "for each of the next three seasons and the same amount if he competes again" at the 2017 World Championships in London, according to a source. Once he retires, he will be paid $4M per year "to act as a Puma ambassador." Forbes estimated that Bolt was paid $9M annually "under his current deal that expires at the end of the year." New Puma CEO Björn Gulden "had made the renewal one of his initial priorities" after the company said it was ending its sponsorship of the Oracle America's Cup sailing team and European rugby union. Gulden called Bolt "a perfect ambassador for Puma." Gulden: "He will play a crucial role in our future product concepts as well as brand communications leading toward the Olympic Games in Rio 2016 and beyond" (REUTERS, 9/24).The BBC notes Bolt in '10 last renewed "what is considered to be the biggest sponsorship deal in athletics." He had "earlier indicated he may retire" after the '16 Games, but recently said that he "may compete for a year after that." In addition to its deal with Bolt, Puma also "has a longstanding commitment to Jamaican Track & Field" (BBC, 9/24).