Tiger Woods and Nike part ways after 27 years
By Jake Beardslee · January 8, 2024
- Woods made estimated $500M from Nike over the years, provided major exposure
- Analysts don't expect big impact on Nike, which keeps other star athletes
- Woods hints "another chapter" coming soon; On, TaylorMade possible destiations
Tiger Woods and Nike have ended their historic 27-year partnership, the golf legend announced in a statement on Monday. Woods said the partnership brought together by Nike founder Phil Knight had run its course, and he thanked Knight and Nike employees for the experience over the past nearly three decades.
Woods’ agent Mark Steinberg confirmed to CNBC that Woods made a “business decision” not to renew with Nike when his contract expired.
While no details were given on Woods’ future endorsement plans, he hinted that “there will certainly be another chapter,” CNBC reported. Some speculation points to Swiss running brand On or golf equipment company TaylorMade as potential landing spots for the 15-time major winner.
Over his illustrious career, Woods amassed an estimated $500 million from Nike endorsements. He provided significant exposure for Nike even when not playing, with analysts estimating he delivered between $2-4 million in exposure value per tournament round.
Nike has slowly reduced its focus on golf in recent years, completely stopping production of golf equipment in 2016. But Woods remained the brand’s staple golf endorser until now.
The breakup comes after month of rumors that Woods would leave Nike. Analysts don’t expect it to significantly impact the company, which maintains deals with many top global athletes.
Nike said Woods “redefined the sport of golf” and inspired people around the world during their partnership. Woods returns the compliment to Nike co-founder Phil Knight in announcing the decision, signaling an amicable separation.