Despite his many and storied on- and off-course issues, Tiger Woods remains a sizzling endorsement commodity and is about to heat up even more with a big sponsorship simmering on the front burner, says Woods’ agent Mark Steinberg.
“Within a week or so, we’re announcing a major deal that’s being finalized now. And we’re going to have a golf bag deal in place,” Steinberg told Thomas Bonk in an interview Bonk published on Tuesday. “The business end is actually quite strong.”
While Steinberg did not disclose the name of Woods’ new business partner, signs pointed to Frys.com, title sponsor of this week’s PGA Tour event, as the firm about to sign Woods to a new pact. In addition to reports from CBSSports.com’s Steve Elling that Woods played a Tuesday practice round on an unusual private course owned by Frys head honcho, John Fry, and appeared in a billboard ad for the event, his early commitment and appearance at the tourney were unusual to begin with, as Mercury News’ Mark Purdy related.
Whether Frys.com becomes Woods’ new money-maker or not, Team Tiger’s was not the only voice claiming that previous reports of the golfer’s money woes were greatly exaggerated. To the contrary, the world’s 51st-ranked player continues to pad his bank account without winning tournaments and — thanks to Nike and Electronic Arts — the guy who last lifted a trophy almost two years ago still holds the top spot on Forbes’ list of the top 40 sports brands.
Indeed, not much has changed for the TW label since May, although his winless streak lengthens and he continues to plummet in the world rankings (he was No. 13 back then). At the time, Forbes positioned Woods as the world’s highest-paid athlete by far, with $75 million in endorsement income. Then, as now, the five-year, $40 million deal Woods inked with Nike in 1998 and EA’s record-breaking video-game sales represented the lion’s share of Tiger’s earnings.
So, while a host of big-name sponsors like Boston-based Gillette, AT&T, and Accenture dropped the former No. 1 after his sex scandal, and Forbes said his “brand value” fell to $55 million from $82 million as of February 2010, Woods’ current worth as a pitchman still out-performed that of his nearest competitor, tennis star and pal, Roger Federer, by $29 million.
“A rich roster of endorsement deals explains why Tiger Woods [is] still the most valuable athlete brand in the world,” said Forbes, which calculates brand values as “the amount by which income exceeds the average of the top peers in their sport.”
Woods signed his first post-scandal deal in June, with Kowa Co.
(Emily Kay is a regular contributor to New England Golf Monthly. Check her out on the Waggle Room, Boston Golf Examiner, National Golf Examiner, and GottaGoGolf websites. You may also follow Kay on Twitter @golfexaminer.)
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