Tiger Woods, one of the most recognizable athletes in the world, has ended his 27-year partnership with Nike (NKE) -) amid reports the golf superstar is set to team up with Swiss-based On Holding (ONON) -).
Nike, which began its relationship with Woods in 1996 through a five-year, $40 million contract with the then three-time U.S. Amateur champion, is reportedly severing ties with several top-name golfers as it continues to focus on key markets in Asia and consumer and lifestyle sales in North America.
Woods and Nike renegotiated their contract in 2001 with a five-year $100 million deal. His most recent agreement, a $200 million pact spread over 10 years, inked in 2013.
Nike shut down its golf-equipment division in 2016, prompting Woods to switch to clubs produced by TaylorMade shortly thereafter. The fifteen-time major winner was also seen wearing Footjoy shoes at the 2022 Masters.
— Tiger Woods (@TigerWoods) January 8, 2024
"Over 27 years ago, I was fortunate to start a partnership with one of the most iconic brands in the world," Woods said in a statement on his verified social media account with X. "The days since have been filed with so many amazing memories, if I started to name them, I could go on forever."
"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."
Nike shares were marked 0.38% higher on the session immediately following publication of Woods' statement to change hands at $102.50 each.
On Holding (ONON) -) shares, meanwhile, were marked 5.5% higher on the NYSE and changing hands at $28.02 each, even as it played-down talk of a new deal with Woods.
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