Tiger's engine runs out on golf superstar's deal
Wednesday, 26 November 2008
DETROIT, Michigan, Nov 25 (AFP): Beleagured US automaker General Motors, facing desperate times in a troubled economy, has ended its endorsement deal with 14-time major golf champion Tiger Woods, the firm announced Monday.
The sponsorship contract, believed to pay Woods 7.0 million dollars a year, was due to expire at the end of 2009 but instead will conclude at the end of the year under mutual agreement between GM and the global golf star.
GM has sought 25 billion dollars in loans from the US government to avoid a shutdown that would cost thousands of jobs at its factories and related auto part manufacturing plants.
Woods has been featured in advertisements for GM products worldwide, notably the Buick automobile brand in China, Canada and the United States, and has played in many US PGA Tour events sponsored by the auto brand.
The decision comes as US car manufacturers face huge financial losses and budget shortfalls while Woods is on a layoff following left knee surgery after his triumph in June's US Open at Torrey Pines.
While the car company looks to save money, Woods seeks more personal time with his wife Elin due to give birth to their second child in "late winter".
"I am very proud of the long standing partnership I've had with GM and have enjoyed being a part of the company's dramatic product evolution. We've had a lot of fun together," Woods said in a statement.
"We've had a lot of fun together, and I participated in some unique and rewarding activities. We've enjoyed a tremendous partnership over the years, and we will maintain strong ties with the many people at GM we call friends."
GM officials say the ending of the deal is unrelated to the automaker's request for 25 billion dollars in loans from the federal government.
"Tiger has been a great friend to GM and a fantastic asset through the years," said GM vice president Mark LaNeve.
The sponsorship contract, believed to pay Woods 7.0 million dollars a year, was due to expire at the end of 2009 but instead will conclude at the end of the year under mutual agreement between GM and the global golf star.
GM has sought 25 billion dollars in loans from the US government to avoid a shutdown that would cost thousands of jobs at its factories and related auto part manufacturing plants.
Woods has been featured in advertisements for GM products worldwide, notably the Buick automobile brand in China, Canada and the United States, and has played in many US PGA Tour events sponsored by the auto brand.
The decision comes as US car manufacturers face huge financial losses and budget shortfalls while Woods is on a layoff following left knee surgery after his triumph in June's US Open at Torrey Pines.
While the car company looks to save money, Woods seeks more personal time with his wife Elin due to give birth to their second child in "late winter".
"I am very proud of the long standing partnership I've had with GM and have enjoyed being a part of the company's dramatic product evolution. We've had a lot of fun together," Woods said in a statement.
"We've had a lot of fun together, and I participated in some unique and rewarding activities. We've enjoyed a tremendous partnership over the years, and we will maintain strong ties with the many people at GM we call friends."
GM officials say the ending of the deal is unrelated to the automaker's request for 25 billion dollars in loans from the federal government.
"Tiger has been a great friend to GM and a fantastic asset through the years," said GM vice president Mark LaNeve.