ORLANDO, Fla. – After over two decades of partnership, golf legend Tiger Woods has decided not to renew his endorsement contract with Nike. The announcement came amidst months of speculation, finally confirmed by Nike on Instagram with a message acknowledging their long and successful run together.
In a statement released by Nike, the company expressed gratitude for their 27-year collaboration with Woods, describing him as one of the greatest athletes in history who redefined the sport of golf and broke barriers for all of sport. They expressed their admiration for his record-breaking achievements, his ability to challenge conventional thinking, and his inspiration to people around the world. Nike wished Woods the best for his future endeavors.
Though Woods’ plans for a future endorsement deal are yet to be revealed, he hinted at another chapter in his career on social media. Fans and experts have speculated about potential partnerships, with some pointing to On Running, the Swiss brand that tennis star Roger Federer joined after leaving Nike in 2019.
Addressing the speculations, Marc Maurer, co-CEO of On Running, stated that while they had heard the rumors, they hope Woods finds a great new partner and clarified that it would not be their company. Another possible landing spot for Woods could be TaylorMade, the golf equipment maker he has been associated with since 2017.
Industry analysts do not anticipate a significant impact from the news, as rumors of Woods’ departure had been circulating for months. Brian Yarbrough, a Nike analyst for Edward Jones, expressed confidence in the company’s continued success in securing endorsements with top athletes.
Nike’s focus on golf has gradually diminished over the years, as the sport was not a major revenue generator for the brand. In 2016, Nike announced that it would cease production of golf equipment altogether. However, Woods’ association with the company brought extensive exposure and financial gains, with reports suggesting that he earned around $500 million from his partnership with the brand.
According to Eric Smallwood, founder of Apex Marketing, Woods’ presence on the golf course provided Nike with millions of dollars worth of exposure. Even a simple shoe swap by Woods at the 2023 Masters resulted in a $3.2 million boost for the brand. Smallwood highlighted that golf’s pace of play and golfers’ prolonged careers offer Nike more exposure than other sports like basketball.
In conclusion, Tiger Woods has decided not to renew his contract with Nike after a 27-year partnership. While the golfing legend’s future endorsement plans remain unknown, industry experts speculate potential partnerships with brands like On Running and TaylorMade. Nike expressed gratitude for their collaboration with Woods and acknowledged his immense contributions to the sport of golf. Despite Nike’s gradual withdrawal from the golf industry, Woods’ association with the brand brought significant exposure and financial gains.