Tiger Woods and Nike have officially ended their iconic partnership after running down the current contract. While the star golfer’s next move is under wraps, the split is in many ways, similar to how Roger Federer walked away from the sportswear giant. The Swiss legend ended up making a much bigger fortune than he would have, had he stayed on.
Nike sponsored Woods for the entirety of his career so far, beginning in 1996. The 15-time Majors winner signed multiple renewals over the last 27 years, minting an estimated $500 million from this collaboration, including all bonuses. His final contract was worth $200 million over 10 years from 2013.
Woods and Nike mutually decided not to extend their deal and brought the curtains down on their legendary association. Rumours were rife about this development for many weeks. This is not the first time the American company has let go of a star athlete in the twilight of their career.
In 2018, Nike chose to let a 37-year-old Federer walk after letting their contract run its course. It seemed like a wise decision at that point. The corporation already had superstars like Serena Williams and Rafael Nadal on their books, and Federer wasn’t getting younger. However, the 20-time Grand Slam champion produced a business masterstroke to make 3 times the money that he would have made with Nike.
Federer joined hands with Japanese brand Uniqlo on a mega-deal worth $300 million over 10 years. This meant he would continue to rake in $30 million annually even after retiring. He became their primary ambassador after hanging up his boots in 2022. He recently travelled the world conducting training clinics for youth players under Uniqlo’s banner.
Additionally, this deal covered only Federer’s apparel sponsorship, unlike the Nike contract which accounted for outfits and shoes. The former World No.1, hence, partnered up with On Running with an equity deal for 3%. This stake is now reportedly also worth $300 million. Woods could follow in Federer’s footsteps and sign an unprecedented deal worth big numbers. He undoubtedly has the star power, popularity, and finances to do so.
Rumours of Tiger Woods joining Roger Federer-backed company dispelled by CEO
Nike, true to their ideology of finding young stars and sticking by them, signed Tiger Woods up when he turned pro in 1996 aged 20. The golfer endured many controversies throughout his career, including the infamous car crash and subsequent expose of his numerous extramarital affairs in 2009. That fiasco saw many sponsors cut off Woods, causing him to lose about $20 million (Yahoo). However, Nike stood by him through it all.
Despite no longer being attached, Woods and Nike’s heartfelt posts after announcing their split show no respect was lost. Speculations about the American’s future started flying around, with many brands rumoured to be looking for his signature. One such company that was said to be keen on signing Woods was On Running. Backed by Roger Federer, the Swiss corporation is rapidly rising as one of the premier footwear makers. However, CEO Marc Maurer bluntly dispelled any whispers that Woods would join On.
“We hope he finds a great new partner. It’s not going to be us.”
The Woods – Nike association is no doubt one of the most legendary player-sponsor relationships in sports. However, the golfer could go down Federer’s path and sign a deal just as iconic as the Swiss legend’s agreement with Uniqlo.
