Road to riches
PUBLISHED : 26 Jul 2011 12:31:00 | Andrew Heathcote
As the first Australian to win the Tour de France, the world’s most coveted cycling race, Cadel Evans is the hottest athlete in the country and possibly the most sought after in Europe. The opportunities for him to cash in on his success are plentiful.
Evans has been making good money as a professional cyclist for many years. His $2.1 million estimated gross salary in 2010 was enough for him to take 22nd spot on BRW’s Top Sports Earners list. (Fellow cyclist Robbie McEwen also made the list with $1.8 million.) Expect Evans to burst into the top 10 when the 2011 list is released in December.
It is expected that Evans will earn up to $5 million this year. Not that it all goes into his pockets. Cycling tradition dictates that the winner’s cheque from the Tour de France (about $650,000) gets shared with the members of his team. Evans has said he won’t see €1 of that money, the recognition is enough.
His biggest prize will be the ability to sell himself to sponsors. There are several reasons Evans will hold strong appeal: he has few pre-existing relationships, he is recognised globally, cycling is growing in popularity in Australia in particular with corporate types and his feat is unlikely to be repeated any time soon.
Accounting firm Ernst & Young and property website realestate.com.au share the first-mover advantage. Both already sponsor Evans and will enjoy knowing that their investments are about to pay off substantially.
Although they may have to pay more when contracts are renegotiated, it may be well worth them doing so. Being able to say that they supported Evans before he won the title is invaluable because it suggests a willingness to support clients through the good times and bad.
Additional sponsorships will have to be chosen carefully. The challenge for Evans’ management is to look beyond the low hanging fruit to find relationships that will continue long after Evans retires from the sport.
They will also have to be mindful of his demeanour. Evans is notoriously shy. Sponsors who expect a big song and dance from the Tour de France winner may be disappointed. Not that his manner will prevent Evans from holding strong appeal; quiet, hard-working champions are perfect spokespeople for accounting and insurance companies.
BRW
Andrew Heathcote
Rich lists editorMelbourne
Andrew Heathcote began his career as a reporter at Fairfax in 2001. He has since gained considerable experience in business journalism and has tackled several key rounds including the energy and financial services sectors. Andrew has also worked for market-leaders in the commercial sector in the financial and professional services industries.
Comments (0)