Olympic figure skating champion Kim Yu-na is splitting with her agent and setting up her own management company. Lee Kim and Partners, the law firm representing the skater, said on Monday AT Sports was established on April 20 with Kim Yu-na's mother as its CEO.
Kim was under contract with IB Sports since 2007, giving it exclusive rights on every business deal including advertising, sponsorships, and TV or movie appearances.
Kim's lawyers said AT Sports will manage Kim from now on and plans to expand activities to hosting ice shows featuring the figure skater as well as training new talents in the sport. Kim's mother, Park Mi-hee, said in a statement, "IB Sports has been running many other businesses besides managing Kim, so I have set up this company to fully focus on Yu-na's needs."
This is not the first time an amateur athlete like Kim has set up a family business to run profit-driven operations. Soccer star Park Ji-sung of Manchester United set up his own management company, JS Limited. Recently, pro golfer Yang Yong-eun set up his own management company YE Dream and Future.
The difference is that Kim derives most of her profits from advertising, ice show appearances, licensing rights and contributions, while professional footballers and golfers make their money from their salaries or prizes.
Future profits made by AT Sports will depend on how many advertising deals and ice shows Kim can land. IB Sports took a hefty 25 percent of her profits. The firm said Kim made W5.5 billion (US$1=W1,104) over the past year.
Meanwhile, IB Sports said a former executive who recently resigned has a big role in Kim's new company and reportedly plan to sue him for breach of trust.
Source: Chousun