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June 03, 2013

Tiger Woods close to re-signing endorsement deal with Nike

Posted at 12:23 PM by Coleman McDowell | Categories: Nike, Tiger Woods

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Winning apparently does take care of everything.

Nike is close to re-signing the world's No. 1 player, according to a report by ESPN. Tiger's agent, Mark Steinberg, said a deal was imminent. 

Steinberg said, "We're down to the very, very short strokes right now. I would expect we would come out with some sort of joint announcement when we get the paperwork signed. I hope this is viewed as a pretty bold statement."

Tiger said it was "just a matter of time" before the deal gets done.

Woods said, "This starts from the top down, from the years with signing with [Nike founder] Phil [Knight]. And building that relationship. Obviously Nike Golf has grown over the years. It's been fun being part of that and we get to continue that for X-number of years now."

Steinberg said he feels that this extension will keep Tiger aligned with Nike for the remainder of his career. Woods also has deals with EA Sports, Rolex, Fuse, Kowa and NetJets.

Tiger first donned the Swoosh in 1996 before he turned professional for a five year, $40 million dollar deal. He followed that up with an extension that reportedly topped $100 million over five years, at the time the richest in sports marketing history. His current deal was a seven-year contract that began in 2006 and ranged from a reported $20-40 million per year.

His income peaked in 2007, when he earned almost $128 million with approximately $105 million coming from sponsors. After his 2009 scandal, Woods lost sponsorships from Gatorade, Accenture, Tag Heuer and AT&T. Nike stuck with him.

Woods topped SI's Fortunate 50 list every year from 2004-11, but fell to third last year and finished a paltry fifth this year, only banking over $40 million.

His new Nike deal can't hurt his chances in reclaiming the top spot on the list in '14.

(Photo: Getty)

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