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Woods completes new deal with Nike

The SportsXchange

The day before Tiger Woods begins his bid at the British Open for a first major championship since 2008, his agent announced a new contract with Nike.

Mark Steinberg said Wednesday that the deal with the apparel and athletic equipment company was signed about two weeks ago in Florida, but he declined to discuss financial terms or contract length.

Steinberg said previously that he hoped the new deal would extend through the rest of Woods' career.

"We're comfortable with where we ended up and the career trajectory that Tiger will be on with Nike," Steinberg told ESPN.com. "I'm thrilled we were able to complete this deal."

Woods' current contract with Nike, which he signed in 2006, was for seven years. He originally signed with Nike after turning pro in 1996. Various estimates put Woods' annual compensation from Nike at $20 million.

"We are thrilled to continue our partnership with Tiger," said Cindy Davis, president of Nike Golf, in a statement to ESPN.com. "He is one of Nike's most iconic athletes and has played an integral part in Nike Golf's growth since the very beginning.

"We look forward to sharing many more of the exciting awe-inspiring sport moments that Tiger is known to create in golf. At the same time, we will continue to utilize his insights to develop the most innovative products that support golfers reaching their full potential."

Sports Illustrated recently estimated Woods' annual earnings at $40 million. In addition to Nike, he maintains endorsement deals with Rolex, Fuse, NetJets, EA Sports and Kowa.
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