Golf: Tiger Woods, Nike end partnership after 27 years

Tiger Woods said on Monday he was ending his longstanding partnership with Nike, drawing a line under a lucrative near three-decade relationship with the iconic sporting goods brand that helped transform him into golf's first billionaire.

In a statement on Twitter, the 15-time Major champion thanked Nike for the company's support since signing with the brand in 1996 in a deal that earned Woods a reported $500 million over the next 27 years.

Woods did not give details on any new sponsor but hinted of being able to reveal "another chapter" at next month's Genesis Invitational in Los Angeles.

Nike responded with its own post on Instagram on Monday.

"It was a hell of a round, Tiger," Nike wrote.

"Tiger, you challenged your competition, stereotypes, conventions, the old school way of thinking. You challenged the entire institution of golf. You challenged us. And most of all, yourself. And for that challenge we're grateful."

"It was time for the next chapter," Mark Steinberg, Woods' agent at Excel Sports, told The Associated Press. "Amazing run. Great partnership."

Woods and Nike became synonymous over the course of the 48-year-old American's career, from the moment he announced his professional debut in 1996 with an acclaimed Nike ad campaign where he declared simply: "Hello World."

In 1996, 20-year-old Woods signed a $40 million five-year contract with Nike when he turned professional after winning his third straight U.S. Amateur.

Initially, Woods' partnership with Nike was limited to clothing, but the sporting goods giant later went into the manufacture of balls and clubs, in part driven by Woods' success in broadening golf's global appeal.

As AP reported, Woods renewed the deal believed to be worth over $100 million in 2001. His eight-year deal in 2006 was reported to be $160 million, and his latest deal was signed in 2013 for a reported $200 million.

Woods has won 15 majors, second only to Jack Nicklaus (18), and his 82 career PGA Tour victories are tied with Sam Snead. However, he has slowed in recent years by five back surgeries, shattered ligaments in his rebuilt left knee, the 2021 car crash and age.

(With input from agencies)