Tiger Woods’ nearly 30-year partnership with Nike Inc., which brought in approximately $660 million for the golf legend, has concluded.
In a statement shared on X (formerly Twitter) on Monday, Woods, now 48, expressed gratitude for the iconic brand he joined over 27 years ago. The partnership began with a five-year, $40 million deal in 1996 when Woods was a young phenom, followed by subsequent contracts of $100 million in 2001, $320 million over eight years, and finally, a $200 million deal over 10 years in 2013.
Addressing his future plans, Woods stated, “People will ask if there is another chapter. Yes, there will certainly be another chapter. See you in LA!” referring to the upcoming Genesis Invitational tournament near Los Angeles, which he hosts.
Nike, in a text message statement, praised Woods’ impact on golf and sports, expressing gratitude for being a part of his journey and wishing him the best in the future.
The multimillion-dollar partnership, which significantly boosted golf’s popularity, underscores Nike’s history of building brands beyond mere endorsements. The speculation about Woods’ next move, potentially involving an equity stake in another brand, reflects the evolving nature of celebrity-brand deals.
Recent trends show younger athletes opting for equity stakes over traditional endorsement contracts, a shift seen in various sports, including football, basketball, and tennis. The PGA Tour has also offered equity stakes to golfers loyal to the tour during its potential merger with LIV Golf.
Woods’ relationship with Nike predates lifetime deals signed by NBA stars LeBron James and Kevin Durant, who each have agreements with the company. Other high-profile departures from Nike, like Swiss tennis star Roger Federer, have involved athletes seeking contracts with equity stakes beyond their playing careers.
While Woods’ next steps are uncertain, rumors of talks with the brand On have surfaced, although a spokeswoman for On stated they currently have no plans to partner with Tiger Woods.
Analysts have speculated about Nike possibly licensing out its entire golf business, which could have implications for its endorsement deals with other golfers. Despite this, Nike maintains its commitment to golf apparel.
Woods’ son, Charlie, was recently seen wearing clothing from Greyson Clothiers, a brand worn by golfer Justin Thomas. However, it’s unclear if this indicates an official partnership, as Greyson has not commented on the matter.
Following the news, Nike shares rose 1.6% in New York trading, showing a positive response from investors.
