American professional golfer Tiger Woods has officially severed ties with sportswear giant Nike Inc. The partnership, which began in 1996 and contributed a staggering $660 million to Woods’ fortune over the years, has come to an end, leaving both fans and industry insiders speculating on the reasons behind the split.
While neither Nike nor Woods provided a specific rationale for the separation, rumors had been circulating for several months, fueled by Woods’ recent choice to don other brands’ golf apparel. The golf legend, celebrated as one of the greatest in the sport’s history, had remained tight-lipped about his future with Nike.
From $40 million to $660 million: Woods and Nike’s 27-year partnership comes to a close
The golf legend’s partnership with Nike dates back to 1996 when he inked a five-year, $40-million deal. Over the years, the collaboration flourished, culminating in a series of lucrative contracts, including a $100-million deal in 2001 and a massive $320-million agreement spanning eight years. The most recent contract, valued at $200 million over 10 years, was sealed in 2013, with Woods earning a staggering $660 million from the partnership by the end of 2023.
Taking to X (formerly Twitter), Woods addressed the end of the significant partnership, stating, “Over 27 years ago, I was fortunate to start a partnership with one of the most iconic brands in the world… People will ask if there is another chapter. Yes, there will certainly be another chapter. See you in LA!”
Confirming the end of the multimillion-dollar contract, Nike released a statement expressing gratitude for the honor of partnering with Woods. The statement read, “For over 27 years, we have had the honor to partner with Tiger Woods, one of the greatest athletes the world has ever seen. We are grateful to have been a part of it. We wish him the best in the future.”
Woods’ financial ascent: Crossing the $1.1-billion milestone and redefining excellence
Throughout his professional career, Woods has amassed a staggering $1.8 billion, a sum that includes $121 million in prize money on the PGA Tour, setting a new record. His resilience and ambition continue to inspire people within and beyond the golfing realm.
Woods’ recent financial success has been noteworthy, with his net worth surging by $100 million in 2023. This solidified his position as one of the world’s Black Billionaires, surpassing the $1.1-billion mark.
In October 2023, Woods collaborated with Justin Timberlake for a second T-Squared Social, a premium sports and entertainment gastro pub, with plans to open pending town planning approval this year.
His commitment to leaving a lasting legacy beyond his golf achievements is evident through his venture capital firm, TGR Ventures. In his words, “TGR is my chapter two — my way of building a legacy that’s about more than birdies and bogies.”
Through TGR Ventures, Woods has invested in various sectors, including golf technology, hospitality software, and upscale mini-golf experiences across the United States. His ventures showcase a strategic move towards diversification and a legacy that transcends the golf course.