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For Tiger Woods, $35 Million a Year of Endorsements at Risk
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Tiger Woods was arrested for driving while intoxicated near his $60 million mansion in Jupiter Florida. He says a mixture of prescription drugs was at fault. Whether that makes the trouble better in the public’s eyes is too early to tell. The reactions of his sponsors, however, will be immediate.
Some of the amounts of Woods’ endorsements are private. However, the larger ones either are public, or the press has offered what it says are definitive numbers. Forbes puts the total at $45.5 million last year.
Nike Inc. (NYSE: NKE) pays him $20 million a year. The athletic gear company stuck with him through the 2009 sex scandal, which cost him his marriage, among other things.
Late last year, Woods made an agreement to play Bridgestone balls, which are rarely if ever seen on the PGA tour, where most players use Titleist. The deal is pegged at nearly $2 million a year.
Woods plays TaylorMade clubs. The value of this endorsement is not available. Woods was paid about $11 million a year when he played Nike clubs, which have since been discontinued.
Woods recently signed an endorsement with watchmaker Rolex. The value of the deal was not announced. His previous deal with Rolex was worth just over $1 million a year.
Woods has a deal with sports card maker Upper Deck. The value of this deal has never been disclosed.
Woods also has a deal with Japanese drug company Kowa. The value of this has not been disclosed. He has a deal with India based motorcycle company Hero, the value of which has not been disclosed.
The value of Wood’s deal with Monster Beverage has been put as high as $2 million a year.
Even if the value of the endorsements that have not been disclosed is in the low seven figures, Woods’s risk has to be more than $35 million.
Wood’s lost almost all of his large sponsors after his sex scandal. These included AT&T, Accenture and Buick. By almost all accounts, his total endorsements brought in more then than they do now. However, this generation of Tiger Woods sponsors may pull out, and it will cost Woods over $40 million a year.
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