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Tiger Woods has confirmed his $500million deal with Nike is over after 27 years.
Golf legend Tiger Woods has announced that his 27-year relationship with American athletic footwear and apparel corporation Nike is officially over.
The partnership, which was worth $ 500 million (Ksh100 billion) comes to an end after 27 successful years together.
The 48-year-old started wearing Nike when he was just 20, and the company has provided his famous Sunday red looks and gifted fans with legendary commercials ever since.
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Reports claim Nike is planning to shut down its golf division entirely, and parting ways with Woods could be an indicator that the rumours are true.
“Over 27 years go, I was fortunate to start a partnership with one of the most iconic brands in the world,” Woods started in a statement.
“The days since have been filled with so many amazing moments and memories, if I started naming them, I could go on forever.
“Phil Knight's passion and vision brought this Nike and Nike Golf partnership together and I want to personally thank him, along with the Nike employees and incredible athletes I have had the pleasure of working with along the way.
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“People will ask if there is another chapter. Yes, there will certainly be another chapter.”
Nike posted their own statement on Instagram, adding: “Tiger, you challenged your competition, stereotypes, conventions, the old school way of thinking.
“You challenged the entire institution of golf. You challenged us. And most of all, yourself. And for that challenge we’re grateful.”
According to No Laying Up, Nike is said to be considering a move to shut down its golf division. Nike stopped making golf equipment in 2016 and has only sold apparel since.
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Other brand ambassadors, including Rory McIlroy, Scottie Scheffler, and Brooks Koepka reportedly could also leave Nike for good.
Nike's closure of its golf division would bring down the curtain on a 40-year stint of making apparel and equipment for the sport.
After Nike stopped manufacturing equipment, Woods turned to TaylorMade, which does have an apparel section, albeit limited. He also uses Bridgestone balls.
Woods' first contract with Nike in 1996 was reportedly worth $40m (Ksh6 billion) over five years, followed by an estimated $100m (Ksh10 billion) contract signed in 2001 over another five years, according to ESPN.
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He penned another eight-year deal in 2006 for an estimated $20-40 (Ksh 4-8 billion) million annually, which was extended in 2013 for an undisclosed sum, according to Forbes. It is believed his current deal is worth $200m (Ksh 40 billion)
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