OUT OF THE WOODS Tiger’s Masters win a major boost for brands
Comeback from injury and personal troubles worth a mint to Tiger
● Tiger Woods’s Masters triumph will be rewarded with a new Nike deal worth more than £150m (R2.7bn), say leading brand experts who claim he could start closing the gap again on Michael Jordan as the wealthiest sportsman in history.
The American’s comeback from sex scandals, a drug arrest and back injuries comes just months before his deal with the sportskit giant is up for renewal.
Shortly after Woods’s triumph at Augusta, Nike shared a new advert, “Never stop chasing your crazy dream”, paying tribute to his feat, and marketing bosses claim the brand will be desperate to keep hold of the star.
Following a costly divorce, Forbes estimated Woods’s net worth at $740m in 2016. He has some way to go to catch up with Jordan, whose estimated fortune of $1.4bn continues to swell thanks to his named branding deal with Nike.
Russell Scibetti, of American sports sponsorship firm Kore, said Woods could expect to secure a fresh deal worth more than $200m over six years. Ronn Torossian, CEO of New York PR firm 5WPR, estimated Woods’s worth rising by $20m this year.
Hollywood filmmakers are expected to come in with offers to chronicle Woods’s recovery from 1,199th in the world rankings, having been close to quitting as he was treated for sex addiction and arrested at the wheel of his car with drugs in his system.
“The Masters was huge for Nike and huge for Tiger,” said Scibetti. “It changes the narrative a bit for the casual fan as they’re now seeing him as a champion and a father ... and for the avid golfer it creates a narrative where all of a sudden that chase to reach Jack Nicklaus and win 18 Majors now feels realistic.”
Scibetti believes Nike would have offered Woods a reduced deal had he not won on Sunday last week. His contract with the sports giants comes up for renegotiation every six years.
“A lot of numbers I saw had Michael Jordan approaching $2bn and Tiger is about halfway there ... I think he can close the gap, but — Jordan does keep earning,” he said.
Torossian agreed that the “Tiger Woods brand is back”, but said he believed the lurid details of his extramarital affairs will still deter him from reaching the earning potential that made his estimated wealth swell to almost $1bn by 2008.
The Masters was huge for Nike and huge for Tiger Russell Scibetti
Leading American sports sponsorship firm Kore