You’ve been crunched! Recession bites for Tiger Woods

General Motors is ending Tiger Woods’ $7m-a-year endorsement contract a year early.

Woods has been carrying the Buick logo on his bag for the last nine years and still had one year left on his contract.

But with GM currently begging for a chunk of a proposed $25bn federal loan, it would have been obscene to carry on padding the wallet of a sportsman who is currently too injured to play his chosen sport.

Wood’s agent, Mark Steinberg, tried to sugar the pill by suggesting it was a mutual decision:

“It was a combination of things,” Steinberg said. “Tiger was looking to gain some more time, and certainly it was an opportunity for GM to reduce its spending with everything going on.”

No one rips up such a big cheque because they want more time. And the one thing Tiger has right now is time, so we don’t buy it - much like no one is buying GM cars.

Anorak

Posted: 26th, November 2008 | In: Sports Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink