Getty/Mike Ehrmann
- Tiger Woods and Nike are splitting up.
- The pro golfer spent more than 27 years as a Nike athlete.
- Woods thanked Nike cofounder Phil Knight in his statement on the departure.
Tiger Woods and Nike are ending their nearly three-decade partnership.
The legendary golfer announced Monday that he and the sportswear brand are going their separate ways as Woods prepares for "another chapter."
"Over 27 years ago, I was fortunate to start a partnership with one of the most iconic brands in the world," Woods said in his statement.
He went on to thank Nike cofounder and former CEO Phil Knight and employees at the company.
Nike shared its own statement on Woods' departure on Instagram, with an image of the golfer emblazoned with the words "It was a hell of a round, Tiger."
"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, " Nike's caption read.
Woods first partnered with Nike in 1996, when he signed a five-year deal for $40 million. Since then, he's been seen wearing the company's signature swoosh on and off the green.
As the years went on, the deal size grew: In 2001, he re-upped for another five years in a deal reported to hit at least $100 million.
His most recent contract, signed in 2013, had him reportedly earning $200 million over 10 years.
Endorsement deals, including the Nike pact, make up most of his $1.8 billion career earnings, per Forbes.
Mike Ehrmann/Getty Images
The sneaker giant — and its billionaire cofounder Phil Knight — have been rewarded for sticking by the golfer through his various scandals, including his public extramarital affairs and DUI arrest.
Between 2000 and 2010, a Carnegie Mellon study found that Nike's agreement with Woods led to an estimated 4.5 million customers — just for golf balls. When Woods won the Masters in 2019, the company's stock increased 5%, and Knight's net worth increased $254 million in a week, Forbes reported.
Even despite the incredibly lucrative nature of its deal with Woods, Nike has increasingly moved out of the golf business in recent years. The brand ceased production of golf equipment — including bags, balls, and clubs — in 2016.
Andrew Redington/Getty Images
Knight's company has continued selling golf clothing and shoes — including Woods' apparel line — in the years since. But now, as the 48-year-old golf legend approaches the twilight of his unparalleled career, the split may be a signal that Nike is removing itself from the golf world altogether.
Woods wrote in Monday's social media post that "there will certainly be another chapter." The 15-time major champion also hinted that he'll compete at the Genesis at Riviera Country Club in Los Angeles next month with his "See you in LA!" sign-off, seemingly indicating that retirement is not in his immediate future.