Tiger Woods on Verge of Re-Signing Deal With Nike
Tiger Woods is back on top of the golfing world. He’s number one in the world again, has won five events in 2013 alone and is about to ink yet another sure-to-be lucrative endorsement deal. Wood is on the verge of re-signing a deal with Nike that will likely keep him wearing the swoosh – not to mention using Nike equipment – for the remainder of his career.
In fact, Woods has said that it’s only a matter of time before the deal is finalized. He said, “This starts from the top down, from the years with signing with [Nike founder] Phil [Knight]. And building that relationship. Obviously Nike Golf has grown over the years. It’s been fun being part of that and we get to continue that for X-number of years now.”
His agent, Mark Steinberg echoed those sentiments. Steinberg said, “We’re down to the very, very short strokes right now. I would expect we would come out with some sort of joint announcement when we get the paperwork signed. I hope this is viewed as a pretty bold statement.” Deals often fall apart at this stage because one, or both, of the sides refuse to compromise. Somehow I don’t see that happening in this situation.
The relationship between Woods and Nike is almost two decades old. He originally signed with them in 1996, even before he turned professional, to the tune of five years and $40 million. He followed that up with an extension that is believed to be somewhere in the neighborhood of $100 million over another five years. The deal that is about to expire was for seven years and a modest $20 – $40 million per year.
Nike was one of the few sponsors to stand by their man in the midst of Woods’ 2009 scandal. Now he is going to reward them by re-signing a deal with them that should keep him a Nike man in perpetuity.