Nike And Tiger Woods Part Ways; Company’s Move To Cut Expenses

Beaverton, Oregon: With a picture of the golfer next to the caption, Nike on Monday announced their split with Tiger Woods on Instagram. “It was a hell of a round, Tiger,” the company wrote.

The lengthy sponsorship agreement was allegedly coming to an end for a number of weeks, especially when Woods provided a bland explanation when asked about his connection to the large athletic retailer.

The dissolution occurs as Nike tries to reduce expenses by $2 billion over the next three years and initiates a significant round of layoffs in an attempt to boost its innovation initiatives. As part of those initiatives, the corporation has also recently appointed a number of new executives.

It appears that part of the cost-cutting measures is a diminished presence in golf. As the company’s most prominent golf supporter, Woods even has a building on its roughly 400-acre corporate headquarters named after him.

“Over 27 years ago, I was fortunate to start a partnership with one of the most iconic brands in the world,” Woods wrote Monday on Instagram. “The days since have been filled with so many amazing moments and memories, if I started naming them, I could go on forever. (Nike co-founder) Phil Knight’s passion and vision brought this Nike and Nike Golf partnership together and I want to personally thank him, along with the Nike employees and incredible athletes I have had the pleasure of working with along the way.”