Multiple Grand Slam champion Naomi Osaka has confirmed her departure from IMG in order to set up her own sports agency alongside her current agent.
Osaka, who is the highest-paid female athlete in the world, confirmed on Wednesday that she and Stuart Duguid are launching a brand new company called EVOLVE. The two will be stakeholders in the company and there are currently no outside investors at the moment. Osaka had been with IMG until the end of last year but it is reported that she decided against a renewal because she wanted more flexibility in the partnerships she wanted to do.
“I’ve spent my career doing things my way, even when people told me it wasn’t what was expected or traditional,’ Osaka told the sports business website Sportico.
“Evolve is the neutral next step in my journey as both an athlete and business woman, as well as a way to continue being myself and doing things my way.”
Whilst other athletes such as Roger Federer have previously set up their own agency, Osaka is understood to be the first female athlete to have full control of both her brand and business. She says she wants her agency to ‘be at the forefront of breaking down barriers that still exist in sports and broader culture.’
Business partner Duguid has a wealth of experience in the industry after working as vice-president for IMG between 2015-2022. He was also vice-president of tennis for Lagardere Unlimited which is a sports and entertainment agency.
“The core of Evolve is building Naomi’s business from $50M a year to $150M a year,” said Duguid.
According to a recent report by Sportico, Osaka is the 20th highest-paid athlete in the world and the highest-paid woman. Her earnings are estimated to be in the region of $53.2M with a staggering $52M of that coming from over endorsement partners. She is one of three tennis players to make the top 100 list along with Serena Williams and Roger Federer.
On the court, Osaka has been forced to withdraw from this week’s Italian Open due to an ankle injury she recently suffered in Madrid. So far this season she has achieved a win-loss of 12-4.
