Rafael Nadal And Carlos Costa Make New Company Official

Written by: Staff on 11th February 2013

Rafael Nadal And Carlos Costa Make New Company Official

epa03576156 Spanish tennis player Rafael Nadal returns a ball against French Jeremy Chardy, during an ATP tennis semifinal singles match in Vina del Mar, Chile, 09 February 2013. EPA/MARIO RUIZ |

It’s official: beginning on January 1, Rafael Nadal started a new company with his longtime manager Carlos Costa that will focus on the management of athletes including tennis players, soccer players and golfers. Nadal’s father Sebastian, who has always played a role in his son’s financial affairs, is also part of the company.

Both Rafael Nadal and Carlos Costa’s contracts with IMG experienced at the end of last year. Former touring pro Costa worked for IMG for 12 years. Nadal made $25 million in endorsements in 2012.

While IMG is trying to downplay the loss of Nadal, it comes on the heels of losing top tennis client Roger Federer, who left IMG last June and formed his own company with his former IMG agent, Tony Godsick. The Swiss has annual earnings in endorsements and prize money of around $53 million.

However, IMG did recently sign world No. 1 Novak Djokovic and still represents top women’s earner Maria Sharapova.

Costa is said to be now working at the offices of Goramendi Siglo XXI SL, which is now based in Nadal’s hometown of Manacor and handles Nadal’s image rights, as well as real estate investments and his father’s glass business.

Bloomberg reports that Goramendi generated $54.6 million in revenue in 2009 and 2010.

The Nadals came under criticism while the company was based in the Spanish Basque tax haven of Gipuzkoa, where they were said to have reduced their tax base by 99% and only paid 30% on the remaining 1%. Rafael Nadal responded that he hadn’t been paying only a 1% tax and had paid some 40 million euros in taxes during his career. However, Nadal did end up moving the company back to Manocor.

Nadal’s sponsors include Babolat, Nike, Kia, Bacardi and Poker Stars.

©Daily Tennis News Wire

Topics: carlos costa, IMG Tennis, Maria Sharapova, Novak Djokovic, Rafa, Rafael Nadal, Tennis News, Tony Godsick