Tiger Woods ends Nike partnership after 27 years

The 'Golf Emperor' Tiger Woods has achieved 82 victories in the U.S. Professional Golf Association (PGA) Tour, showcasing numerous memorable moments. Among his victories, the chip shot on the 16th hole during the final day of the 2005 Masters tournament stands out as a 'shot of a lifetime.'

Woods' second shot from the rough took a 90-degree turn on the green, descended a slope, and headed towards the hole. The ball briefly paused at the edge of the hole, revealing the Nike logo, before being sucked into the hole in the nick of time. Woods roared in triumph and secured the victory in a playoff. Nike utilized this cinematic moment in actual advertisements.

The fate-like partnership between Woods and Nike has come to an end after 27 years. On Tuesday, woods announced on social media that his sponsorship contract had been terminated. “I was fortunate to start a partnership with one of the most iconic brands in the world,” Woods posted on his socials, thanking Nike founder Phil Knight for his passion and vision.

Having made his professional debut in 1996, Woods signed a groundbreaking sponsorship deal worth $40 million over five years. The contract increased to $100 million over five years in 2001 and $160 million over eight years in 2006. In 2013, Woods and Nike extended their sponsorship agreement for another 10 years, estimated at $200 million. Through Nike's sponsorship alone, Woods earned over $500 million. This surpasses four times the total prize money of $121 million he earned in PGA Tour tournaments to date. As the face of Nike Golf, he even launched his own brand, 'TW,' named after his initials.

Nike stood by Woods during difficult times, such as the 2009 infidelity scandal and various injuries that kept him away from the game. However, Nike did not find significant success in the golf business. After withdrawing from equipment-related ventures in 2016, such as golf clubs and balls, Nike retained only the golf apparel segment. Its foothold in the golf market continued to diminish.

Despite parting ways with Nike, Woods seems to be preparing for a new business venture. He wrote on social media, "People will ask if there is another chapter. Yes, there will certainly be another chapter." Mark Steinberg, Woods’ longtime agent, told reporters to expect “an exciting announcement” about a new deal at the tournament.


Heon-Jae Lee uni@donga.com