Tiger Woods announced on Monday that he has ended his 27-year partnership with Nike, the world’s largest sportswear company.

“I was fortunate enough to begin a partnership with one of the most renowned brands in the world over 27 years ago,” wrote Woods on X.

Woods continued to express that there will definitely be a follow-up.

Nike said goodbye to Woods on Instagram, expressing that his performance was impressive.

The company expressed gratitude for how Tiger defied expectations and norms in the world of golf, including challenging traditional ways of thinking and pushing against the established institution. They also acknowledged his personal growth through these challenges.

During the ICR retailing Conference on Monday, Marc Maurer, the CEO of popular Swiss sneaker brand ON Running, addressed speculation about Woods leaving Nike. He stated that Woods will not be signing with the brand.

“We wish him luck in finding a wonderful new partner. However, it will not be us,” stated Maurer to the group.

Since turning professional in 1996 and winning his first major tournament in 2019 at the Masters, Woods has been closely associated with Nike. Despite losing numerous other sponsors, including Gatorade, AT&T, and Accenture, due to a sex scandal that reportedly cost him $20 million, Woods maintained his partnership with Nike.

Nike released the famous “Hello World” advertisement in 1996, inspired by Woods’ first appearance at the Greater Milwaukee Open. During the press conference, he opened with the phrase, “I suppose it’s hello world, right?”

In 2000, Woods entered into a five-year agreement with Nike to endorse their brand. The contract was valued at approximately $85 million, setting a new record for the highest-paying endorsement deal in the world of sports.

At one point, Woods’ Nike deal was reported to be worth as much as $20 million a year, CNN previously reported. Woods signed multiple deals with the company over a span of nearly three decades, including a 10-year deal signed in 2013 that’s worth about $200 million. But in 2019, his deal was worth about half of that amount annually, Bob Dorfman, an endorsement expert and executive creative director at Baker Street Advertising, said at the time.

According to Q Score surveys, Woods remains one of the most recognized athletes in the country, with three times more public recognition than the average athlete.

Although his popularity has decreased among the general population, sports fans still have a higher opinion of him compared to other athletes, according to the Q Score surveys.

According to Eric Smallwood, the president of Apex Marketing Group, a company that assesses sponsorships and advertising strategies, Nike’s decision to end their partnership with long-standing brand ambassador Woods may be due to their desire to no longer be involved in the golf industry.

“He mentioned that Nike used to offer golf equipment such as balls and clubs featuring its logo, but that is no longer the case. However, they still have golf apparel and footwear available for purchase.”

Smallwood stated that he would find it unexpected if the separation was caused by any fear that Woods was approaching the end of his professional life.

“Woods is synonymous with golf. Nike has stuck with him through his life trials and his comebacks,” he said. “Woods can play as long as he wants to in the PGA and then the Senior PGA. Look how long Nike has held on to Michael Jordan. He hasn’t played in over 20 years.”

In August, Woods was appointed as the sixth player representative on the influential PGA Tour policy board. This move gives players a one-seat majority on the board following the contentious merger between the PGA Tour and Saudi-funded LIV golf. It was reported that Woods declined an offer of nearly $1 billion to participate in LIV golf.

This is an ongoing story and will be continuously updated.

– This story was contributed to by CNN’s Chris Isidore, Robert Ilich, and Wayne Sterling.

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Source: wral.com