For the last couple of months, there have been rumors that Tiger Woods was going to leave Nike. On Monday, the legendary golfer confirmed that he is ending his partnership with the iconic apparel brand and will be moving on to a new chapter.
While there is no word on who Woods will be teaming up with next, he did confirm that he will be partnering with a new brand. There are also rumors that Nike will be stepping away from golf apparel entirely, which may affect athletes like Rory McIlroy, Scottie Scheffler, Brooks Koepka, Nelly Korda, and more.
Tiger Woods Officially Leaves Nike
After nearly three decades of success, Nike will be saying goodbye to one of its most iconic athletes in Tiger Woods. Nike’s partnership with Woods was considered one of the most famous sponsorships in the world, and suddenly it’s all coming to an end.
Woods took to his social media to confirm the news as he moved on from the apparel and equipment partners.
“Over 27 years ago, I was fortunate to start a partnership with one of the most iconic brands in the world,” Woods wrote wistfully in the release shared on his social media handles Monday morning. “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.”
Woods’ finished his statement by confirming there would be another chapter in his golf career.
Nike Revenue Up 700% Since Tiger Woods Signed in 1996
The conclusion of the partnership signifies a huge moment for both Nike and Woods. Some of golf’s biggest moments have been branded with Nike’s logo. While Woods is moving on, both parties profited significantly from the relationship.
Before signing Tiger Woods, Nike’s yearly revenue was only $6.4 billion. While not all of Nike’s growth can be attributed to Woods, the company’s revenue in 2023 sits at an estimated $51.2 billion.
Nike golf sales peaked at $792 million in 2013 and Woods’ annual paycheck ballooned to over $20 million per year, according to Sportico.
Woods, who initially signed a five-year deal worth $40 million, eventually gained $660 million from the partnership.
Tiger Woods’ Next Chapter
Woods’ career isn’t over yet, as he plans to make a few appearances in 2024. As a result, there are few brands that have been rumored to be after Woods. The front runner is Greyson Clothiers. His son, Charlie, is currently a Greyson brand ambassador, and adding Tiger would give the brand a strong push into the golf market with the father-son duo.
It’s an obvious spot for the legendary golfer, especially for a chance to work alongside his son as he looks to jump-start his own professional golf career.
Woods’ new deal could be worth north of $600 million.
Tennis legend Roger Federer recently left Nike in 2018 and parlayed the opportunity by signing deals with On Shoes and Uniqlo worth a reported $500 million.
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