Companies are known for shelling out millions of dollars in marketing spend through endorsement deals with athletes and celebrities. Endorsement deals for athletes can sometimes make more than the earnings on the field or court, as highlighted by Michael Jordan making more from Nike alone than his NBA career salary.
Endorsement deals can pay off for companies when fans also support the company or product, something that can be helped if the athlete is seen as a customer.
What Happened: NFL legend Tom Brady announced his retirement from the league for a second time during the 2023 NFL offseason.
After 23 seasons in the NFL, Brady is now turning to careers like sports broadcasting and team ownership. Brady has been active in acquiring an ownership interest in a pickleball franchise, a soccer team and potentially the NFL’s Las Vegas Raiders.
Brady also continues to be a spokesperson for several companies, including Hertz Global Holdings (NASDAQ: HTZ).
In 2021, Brady signed a deal with Hertz to help promote the company’s push into electric vehicle rentals. A marketing campaign called “Hertz, Let’s Go!” saw Brady renting, recharging and driving an electric vehicle at a Hertz location.
On ...