It's the end of an empire. Tiger Woods confirmed this Monday that he has ended his historic sponsorship agreement with Nike, a pact that united the two parties for 27 years and that brought earnings of more than 500 million euros to the American golfer who won 15 majors has. “27 years ago I was lucky enough to build a relationship with one of the most recognized brands in the world. The time since then has been full of overwhelming moments and great memories that I could tell for ages. The passion and vision of Phil Knight [el fundador la compañía] has created this relationship between Nike and golf and I would like to personally thank him, as well as the employees and other athletes I have had the pleasure of working with along the way. People will be wondering if there will be another episode. Yes, there definitely will be. “See you in Los Angeles!” Tiger said in a statement indicating he will play at the Genesis Invitational from February 15-18.
August 25, 1996. Young Tiger Woods takes the last shots of his amateur life. It's a farewell to everything great. This Sunday he won his third consecutive Amateur US Open, something unprecedented. Two days later he confirmed his move into the professional world. Of course also on a large scale. Nike bathes him in gold without him even making a putt in the elite: 40 million euros for five seasons. An iconic television advertisement accompanies the signing. “Hello world. They say I'm not ready for you. Are you ready for me?” says Tiger on the screen. Phil Knight, founder of the sports company, says: “The world has never seen anything like what he is for the sport will do.” He was right. Two days later, on August 29, Woods made his senior debut at the Greater Milwaukee Open. In April of the following year, he won the first major he competed in as a professional, the Augusta Masters 1997, the beginning of the revolution. In fact, nothing would be the same again.
The first 40 million for joining Nike was just the beginning of a source of money for both sides. Tiger broke off his previous relationship with Ping and Reebok and became a billing machine. Nike increased its sales tenfold from 30 million a year before the Woods era to 300 just two seasons after his signing. To put it in perspective, when the company hired Michael Jordan in 1984, the company gave him a check for $250,000 plus a percentage of Air Jordan sneaker sales to convince him not to choose Adidas. In 1996, Greg Norman secured the best sponsorship deal in golf. Reebok paid the new idol two million, 20 times less than Nike. Tiger broke all plans.
His game was already an advertisement in itself. Like this chip on the 16th hole of the 2005 Augusta Masters, when the ball rolled gently until it landed at the last moment in the hole with the Nike logo. It was real life, but it looked like a movie. So Nike gradually extended and increased its star's contract: in 2001 another 100 million for five more years; in 2006, eight courses for an agreement that ranged from 160 to 320; In 2013 an extension of 10 seasons and 200 million more in the account. So far there have been 27 years of marriage, for which Tiger earned between $500 and $660 million. The effects on the company are almost incalculable. The 2019 Masters alone, the year of its resurrection, brought the company a profit of 22.5 million.
Nike remained loyal to Tiger even in the worst moments, his long history of injuries and especially the scandal of his infidelity, when many companies abandoned him (AT&T, Accenture, Gatorade, Gillette, Tag Heuer…). The company has continued to equip the Tiger for combat even as it stopped making golf equipment in 2016. Woods today uses TaylorMade brand rackets, a Bridgestone ball and FootJoy trainers, a special design he has been using since his horrific traffic accident in 2021. His next destination could be the company Greyson Clothiers, which already has agreements with his son Charlie, 14 years old, and with his great friend on the track, Justin Thomas.
The mountain of money Tiger and Nike have raised seems even greater when you compare that $500 million-plus to the 120 the American player has amassed in awards over his long career, including 15 majors (behind Jack Nicklaus' record of 18). and 82 titles on the PGA Tour (all-time best achieved by Sam Snead). According to Forbes magazine, Woods, Michael Jordan (NBA salary 94 million) and LeBron James are the only three athletes in history to have net income of more than $1 billion between their sports payrolls, businesses and sponsorships. (Tiger reaches 1,700). ).
At a time when golf is being rocked by the launch of the Saudi league and record-breaking hires like Jon Rahm's, Tiger continues to operate as the multinational corporation it has always been. LIV CEO Greg Norman admitted that the Tigers had rejected a check for $700 million to $800 million to switch sides. It's been more than a quarter century since Nike started paying him like a legend before he even was one.
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