The extensive collaboration between iconic golfer Tiger Woods and athletic apparel giant Nike has drawn to a close, marking the end of a partnership that spanned more than 27 years.
Since turning professional in 1996, the 15-time major golf champion has been a loyal user of the brand’s products and equipment.
‘The days since have been filled with so many amazing moments and memories, if I started naming them, I could go on forever,’ Woods said on social media.
According to BBC, Nike said it was an honour to partner with ‘one of the greatest athletes the world has ever seen’.
In 1996, Tiger Woods, aged 20 and newly turned professional, sealed a historic five-year, $40 million (£31.5 million) deal with Nike.
Evolving into one of the most lucrative collaborations in sports history, the deal flourished as Woods asserted his dominance in the golf realm for over a decade, securing him the second spot in the men’s major champions list, just three behind leader Jack Nicklaus.
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Earning acclaim as one of the globe’s most renowned sports stars, Woods, over the course of his career, expanded his association with Nike through several additional agreements, the most notable being a reported $200 million 10-year contract.
Tim Derdenger, Associate Professor of Marketing and Strategy at Carnegie Mellon’s Tepper School of Business, conveyed to the BBC that the enduring affiliation between Woods and Nike proved to be beneficial for all parties involved, asserting it was “a win-win for everybody.”
The academic played a role in a 2013 research initiative that scrutinized the effects of Woods’ shift to Nike golf balls in 2000 on sales.
Professor Derdenger noted that despite Woods receiving $200 million for his decade-long Nike sponsorship, their research indicated that the company recouped 60% of its investment through sales of golf balls in the United States alone.
Professor Derdenger pointed out that at the start of Woods’ professional career, Nike lacked a significant presence in the golf industry, making the launch of its golf line with the emerging star a strategic jackpot.
‘What better person in hindsight to then bring out this phenomenal teenage, generational player to then launch their golf brand and apparel brand for Nike? He is golf, he is that person that brought the game to a massive amount of people over the last 25 years,’ said Prof Derdenger.