Tiger Woods has ended his 27-year collaboration with Nike

The 27-year collaboration between Tiger Woods and Nike has ended. The renowned golfer revealed the information in a statement posted on social media platform X on Monday.

“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,” Woods wrote.

Woods’ longtime agent, Mark Steinberg, said that the golfer decided not to renew his contract with Nike for business reasons.

Months of rumors that the two would split up culminated in the announcement. Nike posted a picture of Woods wearing their recognizable red polo on Instagram to confirm the news, captioning it, “It was a hell of a run.”

In a statement, the company said: “For over 27 years, we have had the honor to partner with Tiger Woods, one of the greatest athletes the world has ever seen. Throughout our partnership, we have witnessed along with the rest of the world, how Tiger not only redefined the sport of golf but broke barriers for all of sport. We watched him set records, challenge conventional thinking, and inspire generations of people around the globe. We are grateful to have been a part of it. We wish him the best in the future.”

Regarding Woods’ future endorsement agreement, details are currently unknown, but he stated on social media that “there will certainly be another chapter.”

Recent conjecture regarding Woods’ upcoming project has linked him to On Running, the Swiss company that tennis legend Roger Federer joined in 2019 after leaving Nike.

Co-CEO of On Running Marc Maurer addressed the rumors on Monday at the Orlando ICR Conference. “We also heard the rumors, so it’s always interesting what’s out there. We hope that Tiger finds a great new partner and it’s not going to be us,” he said.

TaylorMade, a manufacturer of golf clubs and equipment that 48-year-old Woods has been using since 2017, maybe another possible destination for the 15-time major winner. However, TaylorMade stated on Monday that their partnership is solely for equipment and that they would like to make no further comments.

Analysts don’t anticipate that the news will have a significant impact because there have been months of rumors regarding Woods’ departure.

According to Brian Yarbrough, an Edward Jones Nike analyst, “We continue to believe the company has endorsements with some of the biggest name athletes in the world and we would expect that trend to continue for the foreseeable future.”

Nike has been gradually cutting back on golf for years because the sport didn’t generate a lot of revenue for the company. The Oregon-based sports apparel manufacturer declared in 2016 that it will no longer be producing golf equipment.

Still, Woods gave the Nike brand a lot of exposure. Woods reportedly earned $500 million from “the swoosh” during his career.

According to Apex Marketing founder Eric Smallwood, if Woods makes it to four rounds, Nike stands to gain between $2 and $4 million in exposure from him.

Similarly, at the 2023 Masters, Woods gave FootJoy $3.2 million in exposure when he traded in his Nikes for the brand.

Because golf is played at a slower pace than basketball, Woods gives Nike even more exposure than LeBron James, according to Smallwood. He asserted, “Golfers have longer longevity.”