In the last two years we have seen a great rise in the overall commercial value of female athletes. With greater designated social media platforms, athlete owned channels and broadcasting commitments in women’s sport, female athletes have greater visibility, direct access to their fans and platforms to showcase their personality.
To continue driving the commercial value of female athletes, we must continue to give them a platform to elevate their personal brand as well as their on-field talent - But we must also more effectively guide female athletes through the commercial landscape and towards greater endorsement success.
Major brands are increasingly recognising the marketability of female athletes and are signing larger endorsement deals with them, but how do these compare with previous female and male athlete endorsement deals?
Here is a breakdown of how far these deals have come, but just how far we still have to go.
FEMALE ATHLETES - HISTORY OF ENDORSEMENT DEALS
In 1972, Billie Jean King signed an endorsement deal with Bristol Myers’s “Ban” deodorant to make up for the lack of equal prize money in tennis for between $10,000 - $15,000 (NY Times)
In 1981, Billie Jean King lost all of her endorsements, totalling $2million, in the space of 24 hours when she came out as gay. (Tennis Majors)
In 1995, Sheryl Swoopes became the first woman to have a signature athletic shoe. (ESPN)
In 1995, Venus Williams (aged 15 & ranked 3rd in the world) signed a $12million deal with Reebok. (Yahoo)
In 1998, Serena Williams (aged 17) signed a $12million deal with Puma. (Simple)
In 2000, Venus Williams signed a new deal with Reebok valued at $40million across five years. (Yahoo)
In 2004, Serena Williams signed a multi-year contract with Nike worth nearly $40million along with additional performance-based incentives. (Simple)
In 2010, Maria Sharapova renewed her Nike contract, an 8-year deal for $70 million. This took over from Venus Williams as the most lucrative endorsement deal ever for a sportswoman. (Sheen)
In 2021, Naomi Osaka earned a total of $55million across multiple endorsement deals (Front Office Sports)
In 2023, Emma Raducanu has a $1.5million deal with Nike and dedicates 18 days a year to her sponsors. (Tennis 365). Emma’s two other highest annual deals are from Porsche, and Vodafone also worth $1.5 million annually. (Sportcal)
In 2023, Eileen Gu, Chinese Skier, earned a total of $22million across multiple endorsement deals. (Forbes)
In 2024, Caitlin Clark continued her relationship with Nike by signing an 8 year, $28million contract that includes a signature shoe.
MALE ATHLETES - HISTORY OF ENDORSEMENT DEALS
In 1972, Mark Spitz had $50,000 in cash from a poster deal before he landed back in Los Angeles. And that was before the William Morris Agency’s Norman Brokaw lined up $5 million more in endorsement contracts. (Hollywood Reporter)
In 1979, Magic Johnson was offered 2 deals - a $100,000 cash deal with Converse or a shares deal with 2-year old brand, Nike. Johnson took the cash. If he had taken the shares, they would now be worth $5.2billion. (Boardroom)
1984, Michael Jordan signed a five-year, $2.5million deal with Nike. (Sporting News)
In 2004, Lionel Messi signed a $1billion lifetime deal with adidas. (OLBG)
In 2014, Steph Curry signed a 10-year, $200million deal with Under Armour. (OLBG)
In 2014, Kevin Durant signed a lifetime deal with Nike of $250 million while he’s on the court plus a $50 million retirement payment. He already has 16 signature shoes and is likely to release at least 2 more before he retires. (OLBG)
In 2015, Lebron James is the highest paid athlete on earth and signed a $1billion+ lifetime contract with Nike. In 2022, across all of his endorsement deals, he earned $90million in a 12-month period. (OLBG)
In 2016, Cristiano Ronaldo became the third athlete to sign a lifetime deal with Nike. It is valued at $1billion and broken down as $24million per year. (OLBG)
In 2018, Roger Federer, at the end of his career, signed a ten-year, $300million deal with Uniqlo. (OLBG)
The history of endorsement deals for female athletes provides a clear picture of the challenges and progress made in this area. From Billie Jean King's pioneering efforts in the 1970s to modern-day stars like Naomi Osaka and Emma Raducanu, female athletes have significantly increased their earning potential through endorsements. However, a notable discrepancy still exists when comparing these deals to those of male athletes.
Despite the strides made in recent years, male athletes continue to command significantly higher endorsement deals. This gender disparity is evident in the comparison of athletes like Serena Williams and Maria Sharapova to male counterparts like Michael Jordan and LeBron James. The figures clearly demonstrate the gap in earning potential between male and female athletes in endorsements.
To address this endorsement pay gender imbalance, the sports industry must take deliberate steps to ensure equal sponsorship opportunities for female athletes. Brands and sponsors need to recognise the value, potential and marketability of female athletes and offer them equitable and progressive endorsement deals. This not only benefits the athletes individually but also contributes to the overall growth of the women’s sports industry. In addition, female athletes must be better informed on how to build their personal brand, how to navigate the sponsorship landscape and how to maximise their commercial potential. This is something that we are bringing to the table at the Women’s Sports Alliance (check out our Endorsement Game Events).
As fans and consumers increasingly demand diversity and representation in sport, the industry must respond by supporting and investing in female athletes to ensure they receive the recognition and compensation they deserve. Through collaborative efforts and conscious decision-making, we can work towards closing the gender pay gap in sports endorsements.
FEMALE ATHLETES | ||||
NAME | BRAND | $ | CONTRACT LENGTH | DATE SIGNED |
Billie-Jean King | Ban Deodorant | $10,000 | 1 year | 1972 |
Sheryl Swoopes | Nike | Signature Athletic Shoe | N/A | 1995 |
Venus Williams | Reebok | $12 million | 5 years | 1995 |
Serena Williams | Puma | $12 million | N/A | 1998 |
Serena Williams | Nike | $40 million | multi-year | 2004 |
Maria Sharapova | Nike | $70 million | 8 years | 2010 |
Naomi Osaka | Multiple Brands | $55 million | N/A | 2021 |
Emma Raducanu | Nike, Porsche, Vodafone | $1.5 million | N/A | 2023 |
Eileen Gu | Multiple Brands | $22 million | N/A | 2023 |
Caitlin Clark | Nike | $28 million | 8 years | 2024 |
MALE ATHLETES | ||||
NAME | BRAND | $ | CONTRACT LENGTH | DATE SIGNED |
Mark Spitz | Poster Deal | $50,000 | 1 time fee | 1972 |
Magic Johnson | Converse | $100,000 | N/A | 1979 |
Michael Jordan | Nike | $2.5 million | 5 years | 1984 |
Lionel Messi | adidas | $1 billion | lifetime | 2004 |
Steph Curry | Under Armor | $200 million | ten years | 2014 |
Kevin Durant | Nike | $300 million | ten years (extended to lifetime) | 2014 |
Lebron James | Nike | $1 billion | lifetime | 2015 |
Cristiano Ronaldo | Nike | $1 billion | lifetime | 2016 |
Roger Federer | Uniqlo | $300 million | ten years | 2018 |