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The credit crunch and accompanying global recession claimed its most famous sporting victim last night when General Motors, the troubled American carmaker, announced that it was ending its sponsorship deal with the world's most recognisable athlete, Tiger Woods.
The deal between GM and Woods, said to be worth more than $10m (£6.6m) a year to the golfer, had endured for almost a decade and become one of the most visible sponsorship arrangements in sport, not least because Woods' golf bag had been transformed into an advertisement for Buick, one of the carmaker's brands.
As part of the deal, the world No1 also took part in television commercials for the budget-priced range of cars - a source of mirth in some circles because Woods is reported to drive a Porsche. Ironically, during the nine years he has been promoting Buick its sale have reportedly fallen by 58% - more than any other GM brand....
Golf: Try not to cry as Woods becomes credit crunch victim | Sport | The Guardian
The deal between GM and Woods, said to be worth more than $10m (£6.6m) a year to the golfer, had endured for almost a decade and become one of the most visible sponsorship arrangements in sport, not least because Woods' golf bag had been transformed into an advertisement for Buick, one of the carmaker's brands.
As part of the deal, the world No1 also took part in television commercials for the budget-priced range of cars - a source of mirth in some circles because Woods is reported to drive a Porsche. Ironically, during the nine years he has been promoting Buick its sale have reportedly fallen by 58% - more than any other GM brand....
Golf: Try not to cry as Woods becomes credit crunch victim | Sport | The Guardian
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