TAG Heuer ended its endorsement agreement with Tiger Woods when it expired last month. The deal is believed to be in the neighborhood of $10 million per year. The company initially signed Woods to the endorsement contract n 2002.
The list price for the TAG Heuer Men’s WAE1113.FT6004 Tiger Woods Professional Golf Watch is $1,900, although online sites were selling it for as low as $847 this week.
Published reports said TAG Heuer, the Swiss watchmaker that is owned by LVMH Moet Hennessy Louis Vuitton, had limited its use of Woodss image in certain markets following a November 2009 car accident that led to his admission of marital infidelity and personal and professional decline.
Since Woods numerous extramarital activities came to light, Woods has lost endorsement agreements with AT&T Inc., Accenture Plc and Gatorade. The 14-time major champion has maintained commercial contracts with Electronic Arts Inc., Nike Inc., Upper Deck, NetJets Inc., and TLC Vision Corp. He began promoting a muscle-relief heat rub made by Japan-based Kowa Co. in June.
There are numerous reports that Nike has cut back payments to Woods, but those reductions in incentive payments are tied to lack of performance on the golf course. Woods, 35, hasnt won a tournament since the 2009 Australian Masters and is 30th in the Official World Golf Ranking.
He finished 37th Sunday in the World Golf Championships Bridgestone Invitational, 18 shots behind winner Adam Scott, who is now using Woodss former caddie.
