DETROIT (AP)â€”General Motors Corp. said Monday that it is ending its 9 year endorsement deal with Tiger Woods in order to save money for executive pocket lining.
The endorsement deal, believed to be worth upwards of $7 million a year, was set to end in 2009, but the decision, Woods’ agent Mark Steinberg assures, was â€œabsolutely mutual.â€ He continues:
â€œIt was a combination of things. Tiger was looking to gain some more time [with his family], and certainly it was an opportunity for GM to reduce its spending with everything going on.â€
Tom Krisher, AP Auto Writer comments:
“U.S. automakers, the single largest category of advertisers, cut their ad spending 18 percent to $1.37 billion in the second quarter compared with the same period in 2007.”
Though the auto market is failing, expect GM to re-sign Woods at $10 million a year and throw a $6 million corporate retreat in Barbados once the Fed decides to bail out the useless automaker a la AIG.