nikes air max Nike Deal For Woods Said to Be The Richest
Tiger Woods signed a five year endorsement contract with Nike yesterday that is believed to be worth $85 million, making it the richest endorsement deal in sports history.
The exact worth of the contract is hard to estimate because some of the value is tied to sales and incentives. But having already won three major championships and nine tournaments this year, Woods has continued his incredible 2000 run with an unprecedented endorsement deal that will continue his strong relationship with Nike. Woods has his own Nike line of clothing and shoes, he switched to a Nike golf ball in May, and he appears regularly in Nike commercials. Woods’s current five year, $40 million deal with Nike expires in September 2001.
At 24, Woods has won all four major championships, becoming the youngest player to complete the career Grand Slam, and he holds the career scoring record in all majors in relation to par. Television ratings for tournaments increased dramatically when Woods plays, and his galleries are by far the largest on tour, attracting record setting crowds to tournaments.
Woods signed a five year $30 million endorsement deal with Buick worth $30 million earlier this year, and he has endorsement contracts with several other companies. Obviously,
Woods is financially secure for several lifetimes, but his father, Earl Woods, said that no business deals would diminish Woods’s intensity.
”For Tiger, it has never been about the money,” Earl Woods said yesterday from his home in Cypress, Calif. ”I have a kid who is basically self motivated, and for that, I thank the Lord. He doesn’t need someone waving dollar signs in front of his face to get him going. His performance isn’t going to drop off just because he signs a deal, or earns a certain amount of money. Tiger has no comfort zone when it comes to competition. People don’t believe me, but he’s going to get much better. We’ve only seen the tip of the iceberg.”
Nike is considering making golf clubs as well in the future, but Wood said the company had not made a final decision.
Woods will make his next appearance at the President’s Cup in mid October. Having already won a record setting $8.2 million this year,
he could become the first player to reach $10 million in earnings in a single year.