It may finally be time for Nike (NKE - Get Report) to just do it with golf legend and spokesman Tiger Woods: cut bait at any cost in order to save itself from continuing to be associated with a troubled, low return on investment athlete.
Woods was arrested around 3 a.m. Monday on suspicion of driving under the influence (DUI) in Jupiter, Fla. He was booked into a local jail and released on his own recognizance with no bond several hours later. It's unclear whether Woods tested positive for alcohol for drugs.
In a statement Monday evening, Woods said an unexpected reaction to prescription medicine led to his DUI arrest. Woods denied that alcohol was involved.
Nike has been through it all with Woods over the years.
Woods broke onto the tour in grand fashion in 1996 and dominated the rankings and winner's circle into the early 2000s, shaking up a sport previously known for white guys in baggy khaki pants and oversized polo shirts. Nike chose to stick by Woods following his notorious sex scandal in 2009 and subsequent poor play. Ultimately, his comeback in 2012 and 2013 netted him a new contract from Nike in July 2013.
Here's Tiger Woods' mugshot after his arrest on DUI charge pic.twitter.com/d6f8CpOIc5— Bradd Jaffy (@BraddJaffy) May 29, 2017
Nike has not disclosed the current length and amount of Woods' contract, but the company has rewarded him extremely well for helping to market to weekend hackers, low handicappers, kids and fellow golf pros.
Woods' original contract with Nike in 1996 was for five years and a reported $40 million, while in 2001, he signed another five-year deal for a reported $100 million. Terms of Woods' contract that ran from 2006 to 2013 were not released.
@BrianSozzi Yes— Handsome Brian ���� (@Brian_is_a_heel) May 29, 2017
@BrianSozzi Seems like they would.— Jay (@jlhose) May 29, 2017
Golf Digest has pegged Woods' annual haul from Nike at more than $20 million per year. Sports Illustrated, on the other hand, put it closer to $40 million annually.
Trending stories on TheStreet:
- Take Your First Ever Look at Apple's New Self-Driving Car, Which Was Just Spotted on a Highway
- Dying Sears Could Be Quickly Running Out of Cash
- Sears Mind-Blowing Loss and Evaporating Cash Should Only Question If It Could Survive
- Amazon's New Bookstore in New York City Is More of a Showpiece Than Anything Else
- Nike Hopes People Rally Around These New LGBTQ-Themed Rainbow Sneakers