Tiger Woods is the face of Nike's golf line and the equipment and apparel company intend to keep it that way. Woods is currently golf's top-paid endorser and Nike is in the process of keeping the longtime relationship going. According to Wood's agent, Mark Steinberg, the two parties are working on a contract extension.
Wood's current contract expires before the end of the year. The deal was originally signed back in 2006. Steinberg said he expects the paper work to be signed soon and a formal announcement will follow soon after. Woods himself said he has seen the contract and it is only a matter of time before things get signed, preferably prior to the U.S. Open in mid-June.
At one point, Woods had hinted that he might consider other opportunities outside of Nike after being with the company for 17 years, but his agent stressed that was never a serious possibility. Nike has been Wood's most loyal endorser, signing him after he turned professional in 1996. Steinberg would not discuss the potential earnings or length of the deal, but it is speculated that Woods has been earning over $100 million with the company. Woods also has endorsement deals with EA Sports, Rolex, Fuse, NetJets and Kowa.
Nike was the lone endorser to support Woods during the aftermath of his marital issues in 2009. The golfer was dropped by Gillette, Accenture, AT&T and Gatorade. His agent expects Woods to be with Nike for the remainder of his golf career.
The contract extension comes off a historically bad weekend for Woods. The golfer finished 20 strokes back at the Memorial, halting his momentum heading into the U.S. Open. The world's No. 1 ranked golfer was the favorite heading into the major, but after the weekend's performance, he can no longer be considered the favorite. Woods was hoping for his sixth Memorial Tournament title, but instead had one of his worst performances of his career.
Woods finished tied for 65th with Matt Kuchar. It was his worst finished at a PGA Tour event since he finished tied for 78th in the WGC-Bridgestone in 2010.
"Yeah, it happens. It happens to all of us. I'll go home next week and practice," Woods said.
Practice he must because up next will be the U.S. Open. Rory McIlroy, currently ranked No.2 will enter as a strong favorite despite being in a season-long funk. Masters champion Adam Scott will also be one to look out for.