Tiger Woods and Nike end 27-year partnership

Tiger Woods and sportswear big Nike have ended their long-term partnership after greater than 27 years.

The 15-time main golf champion has used the model’s merchandise and gear since he turned skilled in 1996.

“The days since have been filled with so many amazing moments and memories, if I started naming them, I could go on forever,” Woods stated on social media.

Nike stated it was an honour to accomplice with “one of the greatest athletes the world has ever seen”.

Woods, 48, first signed a $40m (£31.5m) five-year contract with Nike upon turning skilled as 20-year-old in 1996.

The deal grew to become one of the vital profitable partnerships in sports activities historical past as Woods dominated the world of golf for greater than a decade to place him second on the checklist of males’s main champions, three behind chief Jack Nicklaus.

Becoming one of many world’s most well-known sport stars, Woods signed additional, a number of offers with Nike over his profession, together with a 10-year contract in that was value a reported $200m.

Tim Derdenger, an affiliate professor of selling and technique at Carnegie Mellon’s Tepper School of Business within the US, advised the BBC the long-term partnership between Woods and Nike was “a win-win for everybody”.

In 2013, the tutorial was a part of a analysis crew which regarded on the affect of Woods on the gross sales of Nike golf balls, which he switched to utilizing in 2000.

Prof Derdenger stated whereas Woods was paid $200m (£157m) to be sponsored by Nike over a 10-year interval, the research discovered that Nike recovered 60% of the funding in gross sales of its golf balls within the US alone.

He stated when Woods first turned skilled in 1996, Nike “didn’t have a strong prominent position in the golf industry” and so struck gold when it launched the model’s golf line with the upcoming star.

“What better person in hindsight to then bring out this phenomenal teenage, generational player to then launch their golf brand and apparel brand for Nike? He is golf, he is that person that brought the game to a massive amount of people over the last 25 years,” stated Prof Derdenger.

“This was sort of the MO (modus operandi) for Nike and it still is to this day is to go out and find these athletes that are generational, or some of the best of their time, and build brands around them to help them drive sales of Nike products.”

Woods, who returned to competitors in November final 12 months after a seven-month damage layoff, stated in a press release throughout his social media platforms that he was “fortunate” to have partnered with Nike nearly three many years in the past.

Nike remained loyal to Woods in the course of the up and downs of his profession, together with when scandal surrounding his non-public life emerged when he was on the peak of his {golfing} powers in 2009, and the golfer admitted being untrue to his then spouse.

As main manufacturers together with razor blade maker Gillette, administration consultancy agency Accenture and telecoms enterprise AT&T reduce ties with Woods, Nike stated on the time it was standing agency and supplied him its “full support”.

On Tuesday, Woods thanked employees and different athletes in addition to Phil Knight, the co-founder and former chief government of Nike, for his “passion and vision”.

Nike stated in a press release to the BBC that the corporate was “grateful to have been a part” of Woods’ profession.

“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,” it added.

While the rationale for Nike and Woods’ partnership ending is just not recognized, Prof Derdenger prompt the break-up will damage the model extra, including it had been a “struggle” for the corporate’s golf division within the final 5 to seven years.

But regardless of the recognition of McIIroy, Prof Derdenger does not consider he has the identical affect as Woods in “selling product”.

Without Woods, and (clearly) former basketball participant Michael Jordan, “I don’t think Nike, it’s brand, would be where it is today,” he added.

“Those two athletes are synonymous with Nike and the growth of Nike.”

In latest years, Woods has used TaylorMade golf equipment, however his change Bridgestone balls was probably a better transition because of Bridgestone having beforehand made golf balls for Nike, Prof Derdenger stated.

January is usually the month when new contracts between golfers and their sponsors are agreed.

Woods preempted questions over his future, telling his followers: “People will ask if there is another chapter. Yes, there will be certainly be another chapter.”

He advised followers “See you in LA!”, which is the place Woods is internet hosting the Genesis Invitational subsequent month.

Woods has had a restricted schedule since struggling a leg damage in a automobile crash in 2021. He stated in December he would solely play one occasion per thirty days in 2024 as he recovers from ankle surgical procedure, however added he nonetheless believes he can nonetheless win on the PGA Tour.

“Is Tiger Woods going to create his own line? Does he need a brand to pair with or is he enough? My answer is he is enough,” stated Prof Derdenger.

“Look, Michael Jordan hasn’t played in 20 years and we are still buying his shoes.”