Tiger Woods, Nike Agree To New Endorsement Deal As British Open Kicks Off

World top-ranked golfer Tiger Woods has agreed to a new endorsement deal with Nike, according to ESPN.

Mark Steinberg, Woods’ longtime agent, told ESPN the parties actually agreed on the new deal nearly two weeks ago during a series of meetings in Florida. No financial terms or length of contract were revealed.

Given Woods’ recent return to the top of the golf universe, Nike, the sports industry leading equipment and apparel maker, had been eager to re-up on a deal the two sides initially signed in 2006. Overall, Woods has been with the company since turning pro in 1996, when he signed a five-year deal for a reported $40 million.

According to ESPN, the current contract was for seven years and various industry reports have placed his Nike compensation over $100 million over five years starting in 2001.

"We're comfortable with where we ended up and the career trajectory that Tiger will be on with Nike," Steinberg told ESPN.com at Muirfield, where Woods will began play today in the Open Championship. "I'm thrilled we were able to complete this deal."

Steinberg said last month, when he acknowledged a new deal was imminent, that he felt "confident Woods will be with Nike for the rest of his career." He later added there would be no new requirements as part of the deal but that Woods would continue to work closely with Nike to develop products.

"It's not just about having one of the greatest golfers of all time or one of the greatest athletes of all time on staff," Steinberg said. "It's about how insightful he is with the product -- how he can help them with innovation. I think there will be a lot of that.

Golf Digest, as part of an annual report earlier this year on golfers' income, put Woods' earnings at $77 million off the course in 2012.

 

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