Tiger Woods is nearing a new deal with Nike. News of the deal, which will keep him golf's highest-paid endorser, comes following a terrible weekend at the Memorial Tournament.
Mark Steinberg, Wood's agent, insists the new Nike deal will keep Woods golf's top endorser, ESPN reports.
"...We're down to the very, very short strokes right now ... I would expect we would come out with some sort of joint announcement when we get the paperwork signed. I hope this is viewed as a pretty bold statement."
Woods' current contract, signed in 2006, expires at the end of this year. The deal is expected to be completed as early as the U.S. Open, which starts June 13.
Even in the midst of a busy golf season, Woods is keeping apprised of the negotiations. He said he knows "all that goes on, every working part" of the contract, and all that remains is for the contract to be put in front of him.
Nike and Woods have had a relationship since he turned professional in 1998. His original, five-year deal earned him $40 million, and it's speculated that he has made nearly $100 million from the company since 2001. He's believed to earn more than $20 million per year from the apparel and equipment company.
Woods' new deal sounds just as lucrative.
"Tiger started his professional career with Nike in 1996," Steinberg said. "He has a long way to go in his career, but I feel with the type of deal we've constructed ... I feel confident that he will be with Nike for his entire career."
The announcement of the new deal follows one of Woods' worst golf performances. The Memorial Tournament, which he has traditionally fared well in, has been unforgiving. His front-nine score of 44 on Saturday was the worst nine-hole score of his career, according to Fox Sports. He finished the weekend 20 strokes behind tournament winner Matt Kuchar. The 296 that Woods shot was his second-worst score ever, tying him for 65th.
Woods will play next on June 13 in the U.S. Open.
