Tiger Woods Nike Sponsorship Extension Confirmed

Tiger Woods’ camp has confirmed the World No. 1 has signed a new endorsement deal with Nike.

Mark Steinberg, Woods’ agent, said Wednesday that the contract with his client’s longtime equipment and apparel sponsor was signed about two weeks ago during a series of meetings in Florida. Financial terms were not diclosed.

“We’re comfortable with where we ended up and the career trajectory that Tiger will be on with Nike,” Steinberg told ESPN.com at Muirfield, where Woods will begin play in the Open Championship on Thursday afternoon. “I’m thrilled we were able to complete this deal.”

Steinberg said last month, when he acknowledged a new deal was imminent, that he felt “confident [Woods] will be with Nike for the rest of his career.”

Following the Memorial Tournament in June, Woods told ESPN.com that “it was just a matter of time” before the contract would be signed.

Woods’ current deal with Nike was signed in 2006. He has been with Nike since turning pro in 1996, when he signed a five-year deal for a reported $40 million. Various industry reports had his compensation at $100 million over five years starting in 2001. The current contract was for seven years.

“We are thrilled to continue our partnership with Tiger,” said Cindy Davis, president of Nike Golf, in a statement released to ESPN.com. “He is one of Nike’s most iconic athletes and has played an integral part in Nike Golf’s growth since the very beginning.

“We look forward to sharing many more of the exciting awe-inspiring sport moments that Tiger is known to create in golf. At the same time, we will continue to utilize his insights to develop the most innovative products that support golfers reaching their full potential.”

According to Golf Digest, Woods’ earnings are at $77 million off the course in 2012 which didn’t break down what he received from Nike, although the figure is believed to be more than $20 million per year.

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