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All of 19, Maria Sharapova is committing to a "lifetime" of sponsoring the only tennis racket brand she's used as a pro.
Sharapova and Prince have agreed to an endorsement deal that will last until the end of her playing career and beyond, The Associated Press has learned.
Video footage insideThe contract is set up to be worth about $25 million over the next 10 years, according to a person in the tennis industry who spoke to the AP on condition of anonymity because the parties didn't want the deal's terms disclosed.
Sharapova will earn royalties from sales of various Prince products, and there are clauses tied to tournament appearances, success and rankings.
"We hope Maria will perform at a minimum level, and we have no doubt she will. The contract is very similar to others in many ways, where she has the opportunity to earn additional dollars with even stronger performance," said Linda Glassel, Prince vice president of sports marketing and communications.
"This contract is all about a partnership and a collaboration, and whether Maria wins 10 Grand Slams or one over the next couple of years, we're very, very confident that the partnership will continue to grow."
The contract succeeds the five-year deal Sharapova signed with Prince when she was 14 and is the latest step in the marketing of the 2004 Wimbledon champion. She's been estimated to earn between $23 million and $25 million annually, including sponsorships and prize money (but mostly sponsorships), and her off-court activities are managed by the same agency, IMG, that works with Tiger Woods.
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"I've been pretty good in the past balancing my time with my sponsors with my tennis, because I know my priority," Sharapova said at the National Tennis Center, where she's scheduled to play her first-round match at the U.S. Open on Tuesday. "At the end of the day, what I love doing is competing, and that's where my heart is at: on center court."
But what's it like to be a global brand at an age when many are just out of high school?
"Very awkward," Sharapova said. "It's weird, because there are a couple of sides of me. There's the Maria that's a tennis player. There's the Maria that is a normal girl. And there's the Maria who's a businesswoman. And that's where the 'Maria Sharapova brand' comes into play. I've been lucky to be associated with amazing companies that have given me experience about all that."
Within months of her victory at the All England Club at 17, Sharapova began signing multiyear, multimillion deals — with a camera company, with a cellphone company, with a company that launched her perfume. She has contracts with a watch company, a carmaker and a toothpaste brand. She recently launched a personal website.
Her newest deal is the first time Prince has agreed to a lifetime contract with a player, according to Glassel.
"She's a role model for young players and she's really transcended tennis," Glassel said.
Sharapova is seeded third at the U.S. Open, where she reached the semifinals last year. She's made it to that stage at five of the past seven Grand Slam tournaments as she bids to collect her second career major title.
"It's not easy to win your first one. I was very surprised that I did at the age that I was. I did not feel that I was physically or mentally ready for it," she said.
"But it takes a lot of hard work, and I think everything has to come together: your game, how you feel physically, and maybe a little bit of luck once in a while. I've come very close the last few times, but I've got many more years to win my second one."
-Associated Press
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