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Tiger Woods Signs New Endorsement Deal with Nike

GULLANE, SCOTLAND - JULY 16:  Tiger Woods of the United States answers questions from the media ahead of the 142nd Open Championship at Muirfield on July 16, 2013 in Gullane, Scotland.  (Photo by Matthew Lewis/Getty Images)
Matthew Lewis/Getty Images
Mike ChiariFeatured ColumnistJuly 17, 2013

Tiger Woods has been the face of Nike for the entirety of his professional golf career, and thanks to a new contract between the two parties, their partnership won't be coming to an end anytime soon.

According to Bob Harig of ESPN.com, the deal was reached two weeks ago in Florida, but the monetary terms and length of the contract have not been released.

Woods' contract with Nike, which he signed in 2006, was set to expire this year, but that is no longer an issue. Woods and Nike have been synonymous with each other since Tiger turned pro in 1996, and his agent, Mark Steinberg, is "confident [Woods] will be with Nike for the rest of his career," per Harig's report.   

Steinberg also expressed happiness regarding the deal as a whole as well as how Woods' career is progressing currently: "We're comfortable with where we ended up and the career trajectory that Tiger will be on with Nike. I'm thrilled we were able to complete this deal."

Nike also released a statement referencing the new contract acknowledging Woods' importance to the brand and his input going into new products:

"We are thrilled to continue our partnership with Tiger," said Cindy Davis, president of Nike Golf, in a statement released to ESPN.com. "He is one of Nike's most iconic athletes and has played an integral part in Nike Golf's growth since the very beginning.

"We look forward to sharing many more of the exciting awe-inspiring sport moments that Tiger is known to create in golf. At the same time, we will continue to utilize his insights to develop the most innovative products that support golfers reaching their full potential."

According to Harig, Golf Digest broke down Woods' 2012 earnings and determined that he made $77 million off the course. While it was undetermined how much of that sum was directly tied to Nike, the report estimated that it was over $20 million. 

Woods is arguably the most popular golfer in the history of the sport, and he is one of the most successful as well. Tiger has won 14 career majors, which is second to Jack Nicklaus' 18 on the all-time list. Due to a combination of injuries, off-course issues and poor play, however, Tiger hasn't won a major since the 2008 U.S. Open.

He appears to have found his form, though, as evidenced by the fact that he has recaptured the top spot in the world golf rankings and has won four tournaments this year. There would be no better way for Woods and Nike to celebrate their renewed partnership than for his drought to end with a win at the Open Championship this weekend. 

 

Follow @MikeChiari on Twitter

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