Nike (NKE) has ended its sponsorship deal with golfer Tiger Woods after nearly three decades.
In a statement posted on social media, Woods announced that his partnership with Nike has ended after 27 consecutive years.
Woods, age 48, signed a five-year deal with Nike worth $40 million U.S. back in 1996. His most recent deal with the athletic apparel maker was signed in 2013 for $200 million U.S.
In a written statement, Nike praised Woods and his contributions to the sport of golf, saying: “We wish him the best in the future.”
A reason for the end of the partnership between Nike and Woods wasn’t given. However, there is speculation that Woods wants to move to another brand where he can take an equity stake.
Several younger athletes have recently chosen to take equity stakes in companies rather than traditional endorsement contracts. San Francisco 49ers running back Christian McCaffrey, for example, has taken an equity stake in Coca-Cola (KO).
For its part, Nike has been scaling back its role in golf in recent years. The company once made golf clubs, balls, and bags, but jettisoned its equipment business back in 2016.
Nike’s stock has declined 17% in the last 12 months and is now trading at $103.62 U.S. per share.
