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Even after retiring from international cricket in 2020, and stepping down as captain of IPL’s Chennai Super Kings team just a few days back, Mahendra Singh Dhoni’s income from brand endorsements doesn’t seem to be diminishing anytime soon. Dhoni, who was endorsing around 28 brands as of November, 2021, currently boasts of a portfolio of 33 brands — from big-ticket names like Star India, ITC’s Sunfeast Yippee!, Boost, Cadbury Oreo and Mastercard, to relatively new-age brands like Unacademy, Winzo, Khata Book and Godaddy — with three more in the offing, one of which is a dairy alternative product. 

As per industry estimates, Dhoni’s current income from brand endorsements is around Rs 130 crore, which is slated to soar to Rs 150 crore, once the current IPL season is done and dusted. As per the Duff & Phelps Celebrity Brand Valuation Report 2021, Dhoni — or Mahi, as he is nicknamed — moved up six ranks, from rank 11 to 5, in CY 2021 with an overall valuation of $61.2 million.

“Mahi is among the most celebrated cricketers of our times,” says Bhairav Shanth, co-founder, ITW Universe.“His choice of brands is versatile, and he often views his associations from a business lens too.” Dhoni has promoter stake/equity deals/directorship in a few companies he endorses, including F&B start-up Copter 7. “Even if he retires from the IPL, his pedigree is such that his well-planned endorsement career will soar in years to come.”

Dhoni is known to ‘refuse’ endorsement deals he doesn’t resonate with. “Therefore, you won’t see him endorsing vests or paan masala,” Shanth adds. Furthermore, Dhoni allegedly stopped endorsing brands for a while in 2020, when the pandemic had first struck the world, on grounds of empathy, as people were dying of disease. “What works for Mahi is that he is a great teacher — colleagues respect him as a coach and peer, there is rarely a controversy that surrounds him and he is not accessible to every brand — he filters out many of them before signing deals,” Shanth shares.

Unlike celebrated cricketer Virat Kohli — incidentally also the topmost celebrity endorser of 2021 as per the Duff & Phelps report  — who charges around Rs 7-8 crore per endorsement deal per year, Dhoni is known in endorsement circles to often sign long-term contracts, at a fee anywhere between Rs 3.5 to Rs 6 crore. “Post his retirement from international cricket, Dhoni’s brand value has progressively been increasing,” says his commercial partnerships manager Swaminathan Sankar of Midas Deals. “Around 80% of his deals are two-year contracts. So, he is in it for the long-term.” 

According to TAM Sports, Dhoni was the top visible sportsperson in 2021 based on ad volumes, at rank 5 overall — behind only film actors — appearing in ads on TV for 54 brands (new and old engagements) as opposed to 43 brands in 2020. Clearly, while Dhoni continues to be a dependable bet for brands, is the fatigue factor on watching him too often on TV, a matter of concern? “Not really, since he has moved away consciously from his ‘cricket-only’ image, both for his fans as well as for marketers. If one notices his endorsements, he is now more relatable as the guy-next-door, or the proven leader or mentor one can look up to,” says Aviral Jain, managing director, Duff & Phelps (a Kroll business). 

Jain adds that former master-blaster Sachin Tendulkar currently sports a mentor image in ad land, too. “At age 40, Dhoni still has another 10-15 years in his endorsement career, as long as he continues to promote his ‘real’ self on-screen,” says Jain. Post this period, his endorsement career will likely enter a “rapid decline” phase due to age, he notes.