By SCOTT HAMILTON
Senior writerThe world’s top-ranked golfer has struck an endorsement deal with sports drink company Gatorade, according to two sources familiar with the negotiations.
They say the arrangement is a five-year deal that could pay Tiger Woods as much as $100 million. His compensation is based on his endorsement fee and royalties from sales of at least three Gatorade products, including a new proposed drink that will be named after the player.
Gatorade spokesperson Jill Kinney said the company had “nothing to say” regarding the matter, and Woods’ agent, Mark Steinberg of IMG, did not return a phone message and e-mail seeking confirmation.
The two sources and another industry observer said the Gatorade accord was finalized in August. The Gatorade arrangement reportedly trumped a royalty-based bid by Vitamin Water worth up to $75 million. A Vitamin Water spokesperson did not return calls.
A deal with Gatorade replenishes some of the assets recently lost from Woods’ sponsorship portfolio. Earlier this summer Woods parted ways with American Express, ending a 10-year relationship with the credit card company. In addition, long-time sponsor Buick has diminished Woods’ role in promoting the automaker.
Not that such setbacks left Woods wanting. He still has agreements with Nike, Tag Heuer, Accenture and Electronic Arts. And in February he entered into an estimated three-year deal with Gillette that already has featured Woods in its “Gillette Champions” marketing campaign along with Swiss tennis star Roger Federer and French soccer player Thierry Henry.
• • •
Scott Hamilton is a
Golfweek business writer. To reach him e-mail
shamilton@golfweek.com.
Posted: 9/7/2007
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