Archive for the ‘pro sports’ Category

General Motors Loses Tiger Woods: Sign of the Economic, Cultural Times

November 29, 2008

Turns out, Tiger Woods wouldn’t really rather have a Buick. At least not anymore.

When Woods ended his nine-year relationship with General Motors Corp. on Monday — a mutual decision between a megawatt celebrity who doesn’t need the work and a teetering corporation that needs every penny — it offered yet another snapshot of how badly the American economy has deteriorated.

By EDDIE PELLS, AP National Writer

Woods is the world’s most marketable athlete with an estimated $100 million endorsements a year. If his agreement with one of the world’s most active sports sponsors dissolved, some experts wonder if any endorsement or sponsorship deal is really ironclad in these tough times.

“The real story here isn’t Tiger,” says Marc Ganis, the president of Sportscorp Ltd., a Chicago-based sports consulting firm. “It’s the auto industry. … There are a lot of parties who are going to have some difficulties finding sponsors to substitute for what the auto industry used to provide.”

Read the rest:
http://news.yahoo.com/s/ap/20081129/ap_on_bi_ge/sp
orts_endorsements_economy;_ylt=AsqLbWhFh3
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