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Wednesday, July 27 2011
Is Tiger Woods one step away from bankruptcy?
May be just a rumor but given a loss of endorsement deals, a hefty mortgage, severe pay cut from Nike, a divorce settlement, life on Planet Tiger isn't what it used to be.
According to Forbes, Woods recently signed a deal to hawk a heat rub in Japan. Yes, it's a seven digits contract but even so, it's a far cry from his former advertising campaigns for brands like Gillette, Pepsi and Accenture.
After his personal life transformed into a chaotic existence, his marriage ended in a very expensive divorce settlement with Elin Nordegren worth $100 million plus.
At the very least, there are clear signs that the golf legend isn't generating enough money to cover all his costs. For instance, Tiger Woods took a $54.5 million mortgage on his property in Jupiter Island, Florida, last year. He must pay the mortgage in full by January 2016. That gives him about 5 and a half years to pay over $50 million. That's roughly $10 million each year, not to mention his $431,042 in annual property taxes.
Woods left his old agency a few weeks ago. He's injured and unable to compete for prize money. He has no victories since 2009. Things are not looking good for Tiger Woods.by FW Editor |
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