Connect with us

Business

Tiger Woods, Nike End Partnership After More Than 27 Years

Published

11 months ago

on

nike

Tiger Woods has gone from saying “Hello, world,” to saying goodbye to Nike.

Woods capped months of speculation by announcing on Monday that the 27-year connection between golf’s biggest star and the powerful Swoosh brand is ending, raising worries about both’s future in the sport.

In a social media message, Woods hailed Nike co-founder Phil Knight for his “passion and vision” in bringing them together when he became a professional.

“Over 27 years ago, I was fortunate to start a partnership with one of the most iconic brands in the world,” Woods said in a statement. “The days since have been filled with so many amazing moments and memories, if I started naming them, I could go on forever.”

“I guess, hello world, huh?” a 20-year-old Woods said during the Greater Milwaukee Open.

Two days later, Nike debuted the “Hello, World” campaign and Woods lived up to the expectations. Within eight months, he had four wins, including the historic Masters victory that made him the first golfer of Black origin to win a major.

“It was time for the next chapter,” Steinberg told the Associated Press. “What an amazing run. Excellent partnership.”

nike

Nike also took to social media, captioning a shot, “It was a hell of a round, Tiger.”

“Tiger, you challenged your competition, stereotypes, conventions, and the old school way of thinking,” read the caption on the Nike post. “You challenged the entire golf industry. You challenged us. Most importantly, focus on yourself. And for that task, we are grateful.”

Woods signed a five-year, $40 million contract when he turned pro. Most people in the industry, except Nike and his father, found the money startling at the time.

“Chump change,” the late Earl Woods once said, and he was proven right. In 2001, Woods renewed the arrangement, which was reported to be worth more than $100 million. His 2006 eight-year contract was believed to be worth $160 million, and his most recent contract was inked in 2013 for a reported $200 million.

As well-known as any athlete in the world, Woods became the face of Nike Golf and had his own “T.W.” brand.

Woods established records on the golf course, becoming the youngest to complete the Grand Slam at 24, the only player to hold all four major titles simultaneously, and winning the U.S. Open by 15 shots, the greatest margin in major golf history.

However, there were indicators of a strained relationship in recent years. Woods returned from his February 2021 car accident, which damaged bones in his right leg, wearing FootJoy shoes, stating that it felt better given his injury.

Woods wore them until last month’s PNC Championship, where he played with his son – Nike has a long history of producing shoes.

nike

Tiger Woods, Nike End Partnership After More Than 27 Years

When asked about his contract with Nike, Woods said, “I’m still wearing their product,” and fiercely reiterated the statement when asked whether this was the end of the arrangement.

More than just a face, Woods unknowingly supplied pivotal moments for Nike, none more so than his 2005 Masters victory, when he hit a pitch from behind the 16th green that rolled up the slope and back toward the hole. The ball dangled on the edge for a full second, the swoosh visible, before dropping. It is still one of the most renowned moments from golf’s most-watched tournament.

Woods was also filming a commercial one year when he started bouncing the golf ball off his club between takes. This led to a situation in which he bounced the ball off the club, between his legs, and behind his back before striking it in mid-air.

“Throughout the course of our partnership, we have witnessed, along with the rest of the world, how Tiger not only redefined the sport of golf but broke barriers for all of sport,” the company said in a statement. “We saw him break records, question traditional wisdom, and inspire generations of people around the world. We are thankful to have been a part of it. We wish him well in the future.”

Woods has 15 major championships, trailing only Jack Nicklaus (18), and 82 PGA Tour triumphs, tied with Sam Snead. However, he has been handicapped in recent years by five back operations, broken ligaments in his repaired left knee, a 2021 automobile accident, and age. He turned 48 at the end of last year.

nike

Tiger Woods, Nike End Partnership After More Than 27 Years

Nike supported him as his personal life disintegrated in 2009 due to adulterous affairs, and his schedule was severely limited due to leg and back ailments. Woods miraculously recovered from fusion surgery to win the Masters in 2019, his fifth green jacket.

Nike has also shown signals of winding down its golf business. It opted to exit the hard goods market in 2016, causing Woods to use new clubs and golf balls.

Meanwhile, Nike indicated on a recent earnings call that it planned to slash $2 billion over the next three years, raising worries about how much it would continue to invest in golf.

The company still has a stable of golfers wearing its apparel, including the world’s number one player, Scottie Scheffler, who wears a “T.W.” brand shoe and Rory McIlroy and Nelly Korda. Jason Day, a former No. 1 player, did not renew his contract this year and went to another gear business.

Woods has expressed optimism that he will be able to play once a month in 2024, beginning with the Genesis Invitational in Los Angeles next month.

Steinberg stated that he was working on a new contract and that “I anticipate there could be an exciting announcement” at the Genesis Invitational.

Woods indicated the same thing.

“People will ask if there is another chapter,” Woods said in his post. “Yes, there will be another chapter. “See you in L.A.!”

SOURCE – (AP)

Related Topics:
Continue Reading

Business

Trudeau Accelerates Bond Selloff Over Mass Spending Fears

Published

3 days ago

on

2024-11-23

By

Trudeau, Bond Market
Trudeau accelerated a bond selloff due to expectations of faster growth and a deeper deficit

Prime Minister Justin Trudeau has accelerated bond selloffs, citing fears of a larger deficit over his GST giveaway. Investors were concerned he was returning to his free-spending strategy as an election loom.

On Thursday, Trudeau unveiled a C$6.3 billion ($4.5 billion) tax relief and rebate program. It includes a two-month moratorium on federal sales tax on various commodities such as Christmas trees, wine, toys, and books and a C$250 check for almost 19 million Canadians, or over half of the population.

The declaration looked to mark the end of a brief period of fiscal restraint, as Finance Minister Chrystia Freeland committed to contain budget deficits to prevent stoking inflationary pressures.

Now that inflation has returned to the Bank of Canada’s 2% target, policymakers have reduced the benchmark interest rate by 125 basis points since June.

Trudeau’s Liberal government sees an opportunity to dig deeper into the public purse, but some analysts believe investors are keeping a careful eye on the country’s debt.

Bonds continued to fall on Thursday following the announcement, as the 10-year benchmark yield rose 7 basis points to 3.457%. After retail data showed a rise in consumer spending on Friday, it increased by up to 3.488%.

As the Trudeau government considers additional fiscal spending, concerns about Canada’s financial situation persist.

Budget Shortfall

Freeland has yet to publish final spending and income figures for the fiscal year that ended in October. Parliamentary Budget Officer Yves Giroux predicts a deficit of C$46.8 billion, much exceeding Freeland’s self-imposed aim of a C$40 billion shortfall.

Despite promises to reduce deficits, the Trudeau government continues to increase expenditure. This year’s budget includes a new capital gains tax inclusion rate to balance the cost of new housing and social initiatives.

This sparked anger from investors and entrepreneurs but allowed Freeland to present a consistent deficit despite significant spending.

The recent declaration indicates that Trudeau’s government no longer feels restrained in its capacity to use economic stimulus to restore favor.

Pierre Poilievre’s Conservatives have led most surveys by roughly 20 points for over a year. They have pounded the prime minister on affordability and promised to reduce taxes, especially income taxes. An election is expected in late October 2025.

The sales tax break will run from December 14 to February 15. The left-wing New Democratic Party intends to support it but has stated that it will continue to advocate for its permanent implementation and expansion to include additional items.

Let the Bankers Worry

Following Trudeau’s announcement, traders in overnight swap markets reduced their bets that the Bank of Canada will drop interest rates by 50 basis points for the second time in December, lowering the odds to fewer than 25% by the end of Thursday. As of late Friday morning, the odds were less than 17%.

The announcement also encouraged several experts to improve their short-term projections for Canada’s GDP. Analysts at the Bank of Montreal predict that the country’s GDP will increase at a 2.5% annualized rate in the first three months of 2025, up from 1.7%.

Speaking to reporters on Friday, Trudeau praised his government’s approach to program expenditure, claiming it fosters optimism and possibilities for families and the middle class.

“We’re focusing on Canadians. “Let the bankers worry about the economy,” Trudeau stated.

Related:

Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending

Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending

Continue Reading

Business

Forced Sale Google Chrome Could Fetch $20 Billion

Published

4 days ago

on

2024-11-21

By

Sale Google Chrome

Antitrust officials in the US could force the sale of Google’s Chrome browser for up to $20 billion, demonstrating the tremendous worth of the world’s most popular web browser.

Bloomberg Intelligence attributes Chrome’s projected worth to its more than 3 billion monthly active users. The US Department of Justice is preparing to request a federal judge order the browser’s separation from Google’s parent company, Alphabet.

Chrome’s worth comes from its overwhelming 61% market share and its crucial role in Google’s advertising ecosystem. User data enables businesses to better target adverts, and the browser also acts as an important distribution mechanism for Google’s AI technologies.

Industry analysts think it may be difficult to find a suitable buyer. While tech behemoths like Amazon could finance the purchase, they would likely face regulatory scrutiny.

AI businesses, such as OpenAI, may emerge as more viable contenders. They could potentially leverage Chrome to broaden their reach and develop an advertising business.

“It’s not directly monetizable,” one analyst told Bloomberg. “It functions as a gateway to other things. It’s unclear how you would assess that in terms of pure revenue generation.”

Google opposes prospective sales, claiming that they will hamper innovation. The firm does not break out Chrome’s revenue individually in its financial filings, even though the browser’s user data plays an important part in the company’s principal revenue stream, advertising.

The DOJ’s suggestion follows Judge Amit Mehta’s August decision that Google had illegally monopolized the search industry. The judge will consider the recommended remedies at a two-week hearing in April 2024, with a final judgment due in August 2025.

Related News:

Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case

Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case

Continue Reading

Business

Bitcoin Has Set a New Record And Is Approaching $100,000.

Published

4 days ago

on

2024-11-21

By

Bitcoin

(VOR News) – Bitcoin broke beyond the $98,000 mark for the first time on Thursday as investors awaited Donald Trump’s second term as president. All of this happened during the day. As such, cryptocurrency has reached a significant turning point.

According to Coin Metrics, the top cryptocurrency was trading at $97,541.61 during the most recent trading session. Merchants provided this information. This suggests a price gain of more than three percent during the previous trading session.

When the period began, Bitcoin peaked at $98,367.00.

During the premarket trading session, MicroStrategy, a platform that facilitates cryptocurrency foreign exchange trading and serves as a bitcoin proxy, saw a 13% gain. Coinbase, on the other hand, had a 2% rise during that period. Furthermore, all of these increases occurred simultaneously.

The market value of Mara Holdings increased by 9%, which helped raise the valuation of mining companies overall. This was among the factors that led to the total rise.

Because of the widespread belief that President Trump will usher in a new era of prosperity for cryptocurrencies, one marked by more favorable laws and the possible creation of a national strategic bitcoin reserve, the price of Bitcoin has been rising steadily this month.

The most recent change brought about by the increase was the consequence of higher financing rates and more open interest in the futures market during Asian trading hours. The rise was the catalyst for this change. This action was prompted by the ensuing rush.

Throughout its lifespan, this legislation was the catalyst for this change for a variety of reasons. At the same time, spot market premiums decreased, according to CryptoQuant statistics. All of this happened at the same time.

Furthermore, a number of short liquidations have been sparked by the recent spikes in Bitcoin’s price, which has caused the price to rise overnight. As a result, the price has gone up much more. As a result, the total number of short liquidations has increased.

According to CoinGlass, these liquidations have effectively produced more than $88 million in capital during the last 24 hours.

Rob Ginsberg, an analyst at Wolfe Research, noted in a study released on Wednesday that “historically, following previous movements of this magnitude, Bitcoin has either entered a consolidation phase or disregarded the overbought condition as investors accumulate.” This phrase relates to the fact that this particular move has happened before.

Ginsberg stated this in reference to the evolution of Bitcoin over time.

Ginsberg’s answer makes reference to Bitcoin’s propensity to go through a period of consolidation. The comment also made reference to this.

He said, “Considering we are emerging from an extended consolidation phase and the price has reached a new high, it suggests that the pursuit is underway.”

The crucial psychological milestone of $100,000 is expected to be reached in the upcoming weeks, and this breakthrough could happen as early as Thursday. It seems likely that this level will be reached. There is a chance that this new development will take place.

This task will be carried out against the backdrop of this historical era. In addition, if Trump were to win a second term, federal budget deficits would increase, inflation would likely increase, and the dollar’s position in international affairs would change.

The administration that Trump would run during his presidency would be responsible for these consequences. All of these characteristics would positively impact the value of Bitcoin as a currency if they were taken into account in the order that they are presented.

The price of bitcoin had risen by more than 130% by the beginning of 2024.

SOUREC: CNBC

SEE ALSO:

PayPal’s Technical Challenges Are Affecting Thousands Of Customers Globally.

NVIDIA’s Earnings: The Leader In AI Chips Demonstrates Relentless Growth.

 

Continue Reading

Trending