Woods expressed his gratitude to Nike on his social networking service (SNS) on the 9th (Korea time) and officially announced that the sponsorship contract was terminated at the same time.
Woods posted, “I was lucky to be with the most iconic brands worldwide.”
Tiger Woods’ SNS, which announced his breakup with Nike
[Capture of Tiger Woods’ X (formerly Twitter). Redistribution and DB prohibited]
Woods signed a sponsorship deal with Nike in August 1996 when he turned pro when he won the U.S. Amateur Championship for the third consecutive year.
Woods’ greeting “Hello, World,” which he said when he turned professional, became a hot topic, and Nike actively used it to promote it.
At the time, Woods signed a five-year deal with Nike on a whopping $40 million (W52.7 billion), which his father, the late Earl Woods, said was “poon money.”
As his father said, donations have grown tremendously since then. Five years later, Woods signed a five-year sponsorship contract of 100 million dollars in 2001 and 160 million dollars for eight years in 2006. The amount of the sponsorship contract reportedly went up to 200 million dollars in 2013.
Woods became the face of Nike Golf and had his own brand, TW.
Nike supported Woods even when he was unable to play properly and his image was tarnished in 2009 due to Woods’ “unfortunate scandal” and injury.
However, Nike did not have much fun in the golf business. It withdrew from the golf equipment business in 2016, leaving only the golf clothing sector. At a recent business presentation, it was predicted that it would completely withdraw from the golf business by announcing a plan to reduce $2 billion over the next three years.
Jason Day (Australia), who was ranked No. 1 in the world, recently did not sign a contract with Nike, followed by Woods, who failed to renew his contract.
However, Scottie Scheffler of the U.S., who ranks first in the world, and Rory McIlroy of Northern Ireland, who ranks third, are still wearing Nike clothes.
“Woods is preparing for a new contract and there will be an interesting announcement,” Woods’ agent Mark Steinberg told the Associated Press.