Tiger Woods and Nike have ended their longstanding and lucrative commercial partnership.
The American golfer and sportswear brand announced that the partnership, which has been running for nearly three decades would be coming to an end.
The deal proved incredibly lucrative for the golfer, as well, as it saw him rake in some $US500 million ($AU744 million) over its course.
Yesterday, Woods posted the following statement to social media.
“Over 27 years ago, I was fortunate enough to start a partnership with one of the most iconic brands in the world,” read the statement.
“The days since have been filled with so many amazing moments and memories. Phil Knight’s passion and vision brought this Nike and Nike Golf partnership together and I personally want to thank him, along with the other Nike employees and incredible athletes I have had the pleasure of working with along the way. People will ask if there is another chapter. Yes, there will certainly be another chapter.”
Nike also posted confirming the news with the message: “It was a hell of a round, Tiger.”
Nike’s sponsorship of Woods began when he was 20 years old in 1995 and saw the golfer become one of the most successful sportsmen ever. It also saw him feature in several iconic TV Ads for the brand.
Nike also stuck through Woods during some turbulent episodes in his private life. Following news of extramarital affairs, which resulted in Woods divorcing his then-wife Elin Nordegren, brands such as Accenture, AT&T, Gatorade, and General Motors completely ended their sponsorship deals while Nike and Electronic Arts stuck by the golfer.
The end of the deal also follows Nike’s decision to stop making golf equipment in 2016 and its efforts to cut some $US2 billion ($AU3 billion).
Lead image credit: X/ PGA Tour.
