A portrait of Tiger Woods of the United States during the pro-am previewing the Hero World Challenge at Albany Golf Course on November 29, 2023 in Nassau.
David’s Canyon | fake images
Tiger Woods’ 27-year association with Nike has come to an end. The superstar golfer announced the news in a statement Monday on social media platform X.
“Phil Knight’s passion and vision brought this partnership between NIke and Nike Golf together and I want to personally thank him, along with Nike employees and the incredible athletes I’ve had the pleasure of working with along the way.” woods wrote.
The announcement came after months of speculation about the pair’s breakup. Nike confirmed the news on Instagram with a photo of Woods wearing his iconic red polo with the caption, “That was an amazing race.”
Mark Steinberg, Woods’ former agent, told CNBC that the golfer made the business decision not to renew with Nike.
There is no word yet on Woods’ plans for a future endorsement deal. But he said on social media: “There will definitely be another chapter.”
Some recent speculation about Woods’ next chapter has pointed to On Running, the Swiss brand for which tennis great Roger Federer left Nike in 2019.
Marc Maurer, co-CEO of On Running, addressed the speculation Monday at the ICR Retail Conference in Orlando. “We also hear the rumors, so it’s always interesting what’s out there, we hope Tiger finds a great new partner and it won’t be us,” he said.
Golf equipment maker TaylorMade, with whom Woods, 48, has had a relationship since 2017, could be another possible landing spot for the 15-time major winner.
Analysts do not expect a great impact with the news, since rumors about Woods’ departure have been circulating for months.
“We continue to believe the company has the backing of some of the world’s biggest athletes and would expect that trend to continue for the foreseeable future,” said Brian Yarbrough, Nike analyst for Edward Jones.
Nike has been quietly cutting back on golf for years as it wasn’t generating much money for the brand. In 2016, the Oregon sportswear maker announced it would stop making golf equipment entirely.
However, Woods brought significant exposure to the Nike brand. And over the course of his career, Woods earned $500 million from “the swoosh.”
Eric Smallwood, founder of Apex Marketing, estimates that when Woods gets through four rounds, he provides Nike with between $2 million and $4 million of exposure.
Likewise, when Woods traded in his Nikes for FootJoy shoes at the 2023 Masters, he gave the brand $3.2 million of exposure.
Woods offers even more exposure for Nike than even LeBron James because of the pace of the game in golf compared to basketball, he said. “Golfers have longer longevity,” Smallwood said.
This is a developing story. Please check back for updates.
