Tiger Woods Having Money Problems?
I know what you are thinking.
I am thinking the same thing, but I have learned over the years nothing is impossible, here are the details.
it’s no secret that Woods, once king of the sports world, has suffered financially since his fall from grace. His endorsement list shrank and his marriage ended in a divorce settlement reportedly worth $100 million. But now he may actually be hurting for funds. At the very least, there are signs that he isn’t generating enough to comfortably cover his costs.
IMG declined to comment on the details of Steinberg’s departure, or on Tiger Woods, but a trusted Fortune source with reliable information tells us that IMG was none too broken up about losing Woods, because his endorsement earnings have fallen so dramatically. The source says IMG’s commissions for 2011 — they’ll continue to get a chunk of Tiger’s endorsement deals through 2013 — will be as low as $1.5 million.
That’s a huge drop from two years ago. With giants like Gillette, Accenture, Tag Heuer, and Gatorade having jumped ship, Tiger’s major deals are down to three: Nike (NKE), Electronic Arts (ERTS), and Kowa. His EA Sports video game, Tiger Woods PGA Tour ’12, set a first-week franchise record of 225,000 games sold. But our source also tells us that Tiger’s Nike money fell by as much as 50% in 2010 (to about $10 million, down from $20 million in 2009) and that he will get the same reduced amount for 2011. The reason? Nike penalized him for his indiscretions, reducing his payment for two years as a response to his public behavior. Nike had no comment.
Between the divorce settlement and his recent mortgage, Tiger has faced recent debts to the tune of at least $160 million, though it’s unknown how much of this he has now paid down. His endorsement earnings will not come close to this in 2011, and he’s no longer adding much to his pot with golf winnings. Nike’s decisive slash to his contract has not helped matters.
I believe what the article is trying to say is that Tiger Woods is still filthy rich, but not as rich as he was before his wife took him to the cleaners. He also has more debt than he has had in the past.
This all goes back to one singular moment when his now Ex-Wife Elin tried to beat his brains in with a 9 Iron forcing him to crash his SUV.
When he couldn’t keep his porn stars quiet it just went downhill after that.
I am sure Woods will be fine, but if he isn’t winning any tournaments he will have to keep shilling “Heat Rub” to keep the money coming in. Tiger is to smart (at least business wise) to end up like Antoine Walker, but never say never.Powered by Sidelines