Woods, GM to end $7 million endorsement deal
General Motors Corp. said Monday it will end its nearly decade-long endorsement deal with the world's No. 1 ranked golfer and arguably the most recognizable athlete in the world.
GM and Tiger Woods will part ways as the automaker continues to seek ways to cut expenses while trying to survive the worst sales downturn in its history.
The Detroit-based automaker said in a statement Monday that the company's desire to reduce costs as well as Woods' desire to enjoy more personal time as he expects his second child were factors in the decision.
Woods has been seen in Buick commercials and has carried the Buick brand on his golf bag since 2000. Recently, Woods participated in a promotion that had him caddying for a contest winner for nine holes at Torrey Pines, where Woods won the U.S. Open this summer for his 14th career major.
The endorsement deal, about $7 million annually, was scheduled to conclude in 2009. The termination was said to be mutual by Woods' agent, Mark Steinberg.
Since turning professional in August 1996, Woods' golf bag has been adorned by Titleist (through 1999) and Buick (since 1999).