11 January 2024 , 16:59
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Nike raked in a whopping $300 million (£235m) in just two years after signing a $40m (£31m) deal with golf superstar Tiger Woods back in 1996. The sportswear giant's annual revenues shot up tenfold, thanks to the 15-time Major champion, who was just 20 when he signed his first deal with them.
Woods quickly proved his worth as a child prodigy by winning his first Major at the Masters in 1997, becoming the youngest player ever to win at Augusta. His rapid rise continued as he became the fastest golfer to reach the No. 1 spot in the world rankings.
The 'Tiger mania' that followed his incredible performances spread worldwide and Nike Golf reaped the financial rewards of their partnership with the star. As reported on the 'Joe Pomp Show', the company's golf revenues soared from $30 million to $300 million within those two years.
In 1996, he inked a deal worth $40 million for five years, before bagging a whopping $100 million contract in 2001 that lasted until 2006. The American sports star then further boosted his reputation as one of the most profitable athletes by signing an eight-year deal with Nike for a fee between $160 million and £320 million.
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His last contract with the Oregon-based sportswear giant was signed in 2013, earning him another $200 million in sponsorship. After fulfilling that deal, both parties agreed to part ways at the end of 2023, ending one of the most lucrative partnerships in sports history.
Now aged 48 and without a Major championship win since the Masters in 2019, Woods is expected to sign new deals with sportswear companies as he continues his career without sporting the famous 'Swoosh' logo for the first time.
In a heartfelt statement, the company thanked Woods for his contributions to their nearly three-decade-long partnership, saying: "It was a hell of a round, Tiger. Tiger, you challenged your competition, stereotypes, conventions, the old school way of thinking. You challenged the entire institution of golf. You challenged us. And most of all, yourself. And for that challenge we're grateful."
American golfing hero Tiger Woods proved a lucrative sponsorship coup for Nike during their 27-year-long partnership (2023 Getty Images)Golf legend Woods said: "Over 27 years ago, I was fortunate 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, if I started naming them, I could go on forever."
"Phil Knight's passion and vision brought this Nike and Nike Golf partnership together and I want to personally thank him, along with the 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. See you in LA."
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