Tiger Woods has been associated with Nike for almost 27 years now. But reports suggest that the giant sports apparel brand and the legendary golfer are set to part ways with each other. If the reports are true, last week’s PNC Championship was the last time he donned the clothing from his longtime sponsors.
Earlier this month, the “No Laying Up” podcast speculated that the 15-time major champion and the brand could be parting ways as their contract expires by the end of this year. Recently, “The Joe Pomp Show” on the Apple podcasts also talked about the split.
Interestingly, before signing Tiger Woods, Nike’s annual revenue was worth nearly $30 million in 1995. In merely three years of their association, the brand got to a mark of around $300 million in 1998.
Tiger Woods and Nike signed their first deal back in 1996. Soon after he won three consecutive U.S. Amateur Golf Championship titles, they stuck a deal that was reportedly said to be for five years worth $40 million. Later on, in 2001, they signed a reported five-year deal worth $100 million. The association had benefitted the apparel brand so much that they renewed it for eight years in 2006. This deal was estimated to be around $160 million to $320 million.
Currently, Tiger Woods and the brand are on their fourth stint together which was signed in 2013. It was a 10-year deal worth around $200 million and ends later in 2023.
When Nike believed in Tiger Woods despite the golfer being in his darkest time
Back in 2017, the legendary 15-time major champion was arrested by the Florida police. He was convicted of driving under the influence of alcohol. Additionally, as per the reports, his body was also positive for having sleep drugs, painkillers, and marijuana.
Despite all the negative criticism being embroiled over Tiger Woods’ name, Nike believed in him and continued with their brand endorsement. As a result of their faith, the golfer’s last major title win in the 2019 Masters Tournament earned an estimated amount of around $22.5 million to the brand.
Although Tiger Woods has helped Nike generate enormous revenue over their 27-year-long association, it will not be a surprise if the reports of them parting ways turn out to be true. The 82-time PGA Tour winner has already said publicly that he will not be playing more events in the coming years. This could be a major reason behind the clothing brand to end the partnership.
