Golfer Tiger Woods ended his relationship with Nike

Golfer Tiger Woods ended his relationship with Nike, the world’s largest sportswear company, on Monday after a 27-year partnership.

“27 years ago we were fortunate enough to partner with one of the most iconic brands in the world,” Woods wrote on Page X. “It will definitely be another chapter,” Woods wrote.

Nike said goodbye to Woods on Instagram, saying: “Great round Tiger.”

“Tiger, you have challenged competition, stereotypes, conventions and old ways of thinking. You challenged the entire golf world. You tested us. Especially you. “We are grateful for this challenge,” the company added.

Mark Maurer, CEO of Swiss sneaker brand ON Running, addressed speculation that Woods would not sign with Nike after leaving the company at the ICR Retail Conference on Monday. “We hope he finds a great new partner. It’s not us,” Maurer told the audience. Nike has been almost synonymous with Woods since he first turned pro in 1996 until he won the 2019 Masters, his first major in 11 years. The sex scandal alienated Woods from sponsors such as Gatorade, AT&T and Accenture and cost him an estimated $20 million in losses, but kept his relationship with Nike intact. In 1996, Nike released the “Hello World” commercial based on Woods’ professional debut at the Greater Milwaukee Open, in which Woods began his press conference by saying “Hello World, huh?” He started it.

Woods signed a five-year contract with Nike in 2000. It was worth about $85 million, the richest contract in sports history at the time. Woods’ contract with Nike was once worth $20 million a year, CNN reported. Woods signed multiple contracts with the company over a period of nearly three decades, including a 10-year deal worth about $200 million in 2013. But in 2019, his business was worth half that annual amount, Bob Dorfman, an endorsement analyst and creative director at Baker Street Advertising, said at the time.

Woods remains one of the most popular athletes in America, three times more familiar to the general public than other athletes, according to a Q Score survey. According to a Q Score survey, his positive ratings have weakened among the general public since the ages, while sports fans have a more positive rating of him than regular athletes.

“Why is Nike parting ways with Woods, a longtime brand ambassador?” Nike may want to get out of the golf business, said Eric Smallwood, president of Apex Marketing Group, a sports and entertainment firm that evaluates sponsorships and advertising campaigns.

“Nike used to sell golf balls and clubs with their logo on it, but that’s gone now. “We still sell clothes and golf shoes here,” he said.

Smallwood said he would be surprised if they split because of concerns that Woods is nearing the end of his career. “Woods is synonymous with golf. “Nike has been with him through the trials and tribulations of his life,” he said. “Woods can play as long as he wants in the PGA and the Senior PGA. See how long Nike has had Michael Jordan. “He hasn’t played in 20 years”

Last August, Woods became the sixth player director on the PGA Tour’s powerful policy committee after a controversial merger between the PGA Tour and Saudi Arabia-backed LIV Golf gave players a seat on the board. Woods turned down nearly $1 billion to play LIV Golf.