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pawz
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https://www.wsj.com/sports/tiger-woods-nike-d0c14f5e?mod=e2fb
Tiger Woods and Nike Split Up After 27 Years
The 15-time major golf champion had one of the longest, and most lucrative, endorsement deals in sports
For nearly three decades, the most iconic sight in golf has been Tiger Woods on a Sunday wearing a red shirt always emblazoned with the same logo: the Nike swoosh.
That relationship is now over after 27 years, ending one of the most prominent endorsement deals in sports.
In a statement posted to X, Woods wrote that his time with Nike has been “filled with so many amazing moments and memories” and thanked Phil Knight, the company’s co-founder.
“People will ask if there is another chapter,” the 15-time major champion wrote. “Yes, there will certainly be another chapter.”
Nike, in a statement, called Woods “one of the greatest athletes the world has ever seen” and wished him the best in the future.
“Throughout the course of our partnership, we have witnessed along with the rest of the world, how Tiger not only redefined the sport of golf, but broke barriers for all of sport,” Nike said.
Woods had been with Nike since he turned pro in 1996, and in 2000 the company gave him a deal reportedly worth over $100 million—then the richest sponsorship deal ever for an athlete, and one of many pacts between the sides.
Notably, Nike stood by Woods even when his career was rocked by scandal. Reports of Woods’s extramarital affairs in 2009 prompted many major companies to end their endorsement deals with Woods, but not Nike.
Woods also stuck with the swoosh. When Nike got out of the golf-equipment business in 2016, Woods found new clubs to use but continued to wear the company’s gear on the course.
There had been some hints, though, that Woods might move on. Since his latest comeback from the 2021 car crash that threatened both his life and his career, he has been seen wearing shoes made by FootJoy. Woods suffered serious leg injuries in the wreck, and he has said the switch to new footwear was due to the fallout from the accident and subsequent surgery.
“I needed something different, something that allowed me to be more stable,” Woods said at the 2022 Masters.
The split raises immediate questions about who will next partner with Woods, 48 years old. One rumored company took itself out of the running Monday when On Holding Co-Chief Executive Marc Maurer said the Swiss footwear and apparel company wouldn’t be signing Woods.
Woods has competed only sparingly since the 2021 crash, and he missed most of last year after undergoing another ankle surgery. He recently said he hoped to increase his tournament load to once a month. Early in his pro career Woods played roughly 20 PGA Tour events a year. Regardless of how often Woods competes, he remains an unrivaled draw in the sport, with the type of popularity to boost the profile of any brand that may win the rights to place its logo on his apparel.
When Nike decided to stop making clubs, golf was already the smallest sport category at the company. Sales for the unit had been in decline for several years and slipped 18% to $579 million for the year ended May 31, 2017. At the time, Nike’s total revenue was $34.35 billion.
Nike’s annual revenue now stands at $51.22 billion and while it still sponsors other big-name golf pros—such as Scottie Scheffler, Rory McIlroy and Brooks Koepka—the core of its sales are driven by sports like basketball and running.
“Golf remains an important business for Nike,” the company said in a statement. “We have a deep roster of talented golf athletes that we are fully committed to and invested in. We will continue to design, create and sell world-class innovative golf apparel and footwear.”
Over the past year, the sneaker giant has struggled more broadly with slowing demand for its apparel and footwear as well as the rise of newer entrants like On and Hoka. The company’s shares fell about 7% in 2023.
Write to Andrew Beaton at andrew.beaton@wsj.com
@RaceBannon
Tiger Woods and Nike Split Up After 27 Years
The 15-time major golf champion had one of the longest, and most lucrative, endorsement deals in sports
For nearly three decades, the most iconic sight in golf has been Tiger Woods on a Sunday wearing a red shirt always emblazoned with the same logo: the Nike swoosh.
That relationship is now over after 27 years, ending one of the most prominent endorsement deals in sports.
In a statement posted to X, Woods wrote that his time with Nike has been “filled with so many amazing moments and memories” and thanked Phil Knight, the company’s co-founder.
“People will ask if there is another chapter,” the 15-time major champion wrote. “Yes, there will certainly be another chapter.”
Nike, in a statement, called Woods “one of the greatest athletes the world has ever seen” and wished him the best in the future.
“Throughout the course of our partnership, we have witnessed along with the rest of the world, how Tiger not only redefined the sport of golf, but broke barriers for all of sport,” Nike said.
Woods had been with Nike since he turned pro in 1996, and in 2000 the company gave him a deal reportedly worth over $100 million—then the richest sponsorship deal ever for an athlete, and one of many pacts between the sides.
Notably, Nike stood by Woods even when his career was rocked by scandal. Reports of Woods’s extramarital affairs in 2009 prompted many major companies to end their endorsement deals with Woods, but not Nike.
Woods also stuck with the swoosh. When Nike got out of the golf-equipment business in 2016, Woods found new clubs to use but continued to wear the company’s gear on the course.
There had been some hints, though, that Woods might move on. Since his latest comeback from the 2021 car crash that threatened both his life and his career, he has been seen wearing shoes made by FootJoy. Woods suffered serious leg injuries in the wreck, and he has said the switch to new footwear was due to the fallout from the accident and subsequent surgery.
“I needed something different, something that allowed me to be more stable,” Woods said at the 2022 Masters.
The split raises immediate questions about who will next partner with Woods, 48 years old. One rumored company took itself out of the running Monday when On Holding Co-Chief Executive Marc Maurer said the Swiss footwear and apparel company wouldn’t be signing Woods.
Woods has competed only sparingly since the 2021 crash, and he missed most of last year after undergoing another ankle surgery. He recently said he hoped to increase his tournament load to once a month. Early in his pro career Woods played roughly 20 PGA Tour events a year. Regardless of how often Woods competes, he remains an unrivaled draw in the sport, with the type of popularity to boost the profile of any brand that may win the rights to place its logo on his apparel.
When Nike decided to stop making clubs, golf was already the smallest sport category at the company. Sales for the unit had been in decline for several years and slipped 18% to $579 million for the year ended May 31, 2017. At the time, Nike’s total revenue was $34.35 billion.
Nike’s annual revenue now stands at $51.22 billion and while it still sponsors other big-name golf pros—such as Scottie Scheffler, Rory McIlroy and Brooks Koepka—the core of its sales are driven by sports like basketball and running.
“Golf remains an important business for Nike,” the company said in a statement. “We have a deep roster of talented golf athletes that we are fully committed to and invested in. We will continue to design, create and sell world-class innovative golf apparel and footwear.”
Over the past year, the sneaker giant has struggled more broadly with slowing demand for its apparel and footwear as well as the rise of newer entrants like On and Hoka. The company’s shares fell about 7% in 2023.
Write to Andrew Beaton at andrew.beaton@wsj.com
@RaceBannon
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