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Tiger Woods’ Sexploits Cost Him $50 Million, but Where Did the Money Go?
Published: January 28, 2011
As recently as 2008, Tiger Woods was pulling in $110 million in endorsements from companies that included Gatorade, AT&T, General Motors, Gillette and Accenture, far and away a green's distance from the money being earned by the likes of LeBron James, Kobe Bryant, Peyton Manning, David Beckham and Dale Earnhardt Jr.
But when his private life became a public scandal, marketers fled Woods as if he had a social disease to the tune of $50 million in deals, basically screwing him more than the laundry list of women who claimed a personal relationship with him.
Woods further damaged his value when he failed to win a single tournament in 2010.
Woods is playing his first tournament of 2011 this weekend at the Farmers Insurance Open at Torrey Pines in San Diego. But Gatorade, AT&T, General Motors, Gillette and Accenture are gone, and $50 million in deals is being spent elsewhere.
Jim Furyk, the PGA Tour Player of the Year, is now picking up the pace in endorsements among companies looking to connect with a lucrative golf consumer. Through the first three weeks of 2011 alone, Furyk has signed deals with Westin Hotels, RBC Bank and Sungard IT services, adding to a roster that includes Johnnie Walker and Marquis Jets.
Furyk takes in about $11-$13 million in endorsements, inching him a bit closer to Woods and veteran golfer Phil Mickelson, who makes about $52 million from marketing deals but whose value has peaked.
To be fair, GM ended its deal with Woods, about $10 million per year, in 2008 because of the automaker's own financial crisis, which also saw the company pull ads from the Super Bowl and Oscars.
After the scandal broke, GM put the brakes on Woods' final perk, free cars, and then used the advertising and endorsement dough it saved to help stabilize itself. On Feb. 6, for example, GM will be advertising during Super Bowl XLV for t...
Article Source: Bleacher Report - Golf
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