Tiger Woods announced the end of his 27-year-long Nike sponsorship deal via a statement on Instagram on Monday.
The legendary American golfer — the winner of 15 major professional golf championships, including four PGA Championship wins — first signed with Nike in 1996 on a five-year, $40 million deal, which at the time was the sport’s largest ever endorsement contract.
Since then, Nike has paid Woods, widely considered the sport’s greatest of all time, more than $500 million under the endorsement, according to sports business expert Joe Pompliano.
Speculation had grown for months that 2023 would be Woods’ last as a Nike athlete.
Despite signing a 10-year contract extension in 2013, Nike ceased manufacturing golf equipment — such as clubs and balls — three years later. Nike co-founder Phil Knight later conceded that the brand’s golf equipment business had lost money for 20 years straight.
However, the brand continues to make golfing footwear and apparel to this day.
Woods did not indicate whether he plans to sign with another sportswear brand following the end of his Nike endorsement, but ended his statement with a cryptic message: “People will ask if there’s another chapter. Yes, there certainly will be another chapter.”
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