Tiger Woods income falling, Nike docks him millions in pay as penalty

Source : ANI
Last Updated: Sat, Jul 16, 2011 07:30 hrs

Ace golfer Tiger Woods signed a deal to endorse a Japanese pain-relief rub because he is running out of money after his divorce settlement and has also lost several lucrative endorsement deals in the wake of his sex scandal, according to Forbes Magazine.

The magazine's website posted a story this week stating that Woods is carrying a fat mortgage, on his new Jupiter Island abode, too.

"It's no secret that Woods, once king of the sports world, has suffered financially since his fall from grace. His endorsement list shrank and his marriage ended in a divorce settlement reportedly worth 100 million dollars.

"But now he may actually be hurting for funds. At the very least, there are signs that he isn't generating enough to comfortably cover his costs," CBS News quoted the Forbes story, as saying."

The story suggests that Nike, which has an entire golf division built around Woods, docked him millions in pay as penalty for his humiliating indiscretions.

"With giants like Gillette, Accenture, Tag Heuer, and Gatorade having jumped ship, Tiger's major deals are down to three: Nike, EA Sports, and Kowa. His EA Sports video game, Tiger Woods PGA Tour '12, set a first-week franchise record of 225,000 games sold.

"But our source also tells us that Tiger's Nike money fell by as much as 50% in 2010 (to about $10 million, down from $20 million in 2009) and that he will get the same reduced amount for 2011. The reason? Nike penalized him for his indiscretions, reducing his payment for two years as a response to his public behavior. Nike had no comment."

Woods' agent denied that his client is in financial hot water, but did not speak to the particulars of the Nike details cited, CBS News reports. (ANI)

More from Sify: