Sportswear colossus Nike has extended its deal with golfer Tiger Woods for another five years.
Although he refused to confirm that the deal would net Woods $100 million, Nike golf president Bob Wood described it as one of biggest ever.
“It's definitely right up there, if it's not the largest,” he said, “I haven't seen one bigger than this, and I've been at Nike for 25 years”.
The golfer’s current five-year deal, which ends next September, has been estimated at $40 million.
Woods, who endorses golf-related clothing and equipment, will be paid more if sales exceed contract targets, a feature Bob Wood calls “upside”.
An addendum to the current contract has also been signed, paying Woods to endorse Nike’s new golf balls, which he has been using since May. Mr Wood attributed Nike’s rising market share in golf balls, from zero to 4% in the last few months, directly to Tiger.
News source: CampaignLive (UK)