How much did Tiger Woods' $500 million partnership with Nike add to his net worth?
(Courtesy : Entrepreneur)
The golf icon started his collaboration with the apparel giants at the age of 20.
Golf icon Tiger Woods and sportswear brand Nike have officially finished their collaboration after 27 years. The declaration was made on January 8th, with Woods taking to social media to share the news in a sincere statement.
Woods, who started his affiliation with Nike at the age of 20, expressed appreciation for the mind-blowing journey the two entities shared. The statement acknowledged the pivotal role played by Nike’s founder, Phil Knight, in bringing together the iconic partnership. Woods implied at another chapter in his career, emphasizing that there would undoubtedly be more to come.
“Over 27 years ago, I was fortunate enough to start a partnership with one of the most iconic brands in the world—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 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,” read Woods’s statement.
Nike, acknowledging the end of this historic collaboration, posted a message on social media, stating, “It was a hell of a round, Tiger.”
The collaboration, reported to be worth around $500 million over its lifetime, saw Woods rise to worldwide global prominence, capturing 15 major championships. The notorious picture of Woods in Red Nike shirts on the ultimate final day of majors got to be synonymous with his dominance within the sport. Also, Tiger Woods was featured in various Nike TV adverts that accomplished their claim to fame.
The decision comes at a time when Nike is strategically aiming to diminish costs by $2 billion within the coming year. The company has scaled down its operations in golf since discontinuing golf equipment production in 2016. At the same time, Tiger Woods, presently 48, faces challenges in his career due to injuries, after a car crash in 2021.
Even though Woods showed up at the 2022 Masters wearing FootJoy shoes rather than his standard Nikes, he cited health considerations as the primary reason for the change.
“I have very limited mobility now. Just with the rods and plates and screws that are in my leg after the 2021 car crash, I needed something different, something that allowed me to be more stable. That’s what I’ve gone to,” Woods had explained then.
Tiger Woods’ other partnership apart from Nike
With endorsements from major companies such as General Engines, Titleist, and Nike, Woods became a financial force in a five-year, $105 million contract expansion with Nike in 2000, making it the biggest underwriting package for a sportsman at the time.
Woods’s endorsement expanded beyond golf, impacting fruitful marketing campaigns such as Buick’s Rendezvous SUV launch and the creation of the TAG Heuer Professional Golf Watch in 2005. His affiliation with Electronic Arts for the Tiger Woods PGA Tour series and partnership with worldwide brands like Gillette and Gatorade cemented his status as an advertising icon.
Tiger Woods’ current net worth
As of the most recent upgrade on January 31, 2024, Tiger Woods holds a real-time net worth of $1.1 billion, securing the 2432nd position among the world’s most powerful individuals.
Woods has been a consistent presence on Forbes’ list of the world’s highest-paid sportsmen, gaining an exceptional $769,440,709 from 1996 to 2007. The prediction by Golf Digest in 2007 that Woods would outperform a billion dollars in profit by 2010 in fact came true.
In 2009, Forbes confirmed his status as the first athlete to attain a billion-dollar career, considering the $10 million reward he got for the FedEx Cup title. Forbes estimated his net worth to be $600 million within the same year, establishing him as the second richest person of color in the United States, following Oprah Winfrey.
Woods’s financial victory continued, and by 2022, he would be the first golfer to cross the one-billion-dollar net worth edge, setting his position not only as a golf legend but also as a formidable player in the world of business and entrepreneurship.