Popular boxer, Anthony Joshua lost £3m (N1.4bn) worth of sponsorship money after getting outpointed by Oleksandr Usyk the first time they faced off last year.

New financial records for Joshua’s company, 258 Management recently revealed this, and fans have been reacting.

According to the records, a 35 percent reduction in turnover was recorded from February last year through to February 2022, after the financial year leading up to February 2021 saw Joshua make almost £8.5m through endorsement deals with the likes of Under Armour, Hugo Boss, and Beats.

258 Management recognised the damage Usyk’s first win over Joshua did for the British-Nigerian’s image, as they said the loss of revenue in sponsorships and endorsements have come from third parties placing less value on his image rights.

It read, “The sponsorships and endorsements division has decreased by 35 per cent from 2021 to 2022. This is as a result of third parties placing less value on the use of the fighter’s image rights.”

“The company faces a number of risks and uncertainties and the director believes the key business risks are in respect of competition from both within the UK and international markets.”

“In view of this risk and uncertainty, the director is aware that the development of the company may be affected by factors outside its control. The directors anticipate the business environment will remain competitive. The directors believe that the company is in a good financial position and that the risks that have been identified are being well managed.”