General Motors Corp.'s Buick division has signed an endorsement contract with Tiger Woods that will pay the world's No. 1 golfer $10 million to $15 million over the next two years, according to GolfWeek.com. Mr. Woods reportedly will have the word "Buick" emblazoned on his bag when he plays in the U.S. He will also be expected to play in six of the eight Buick-sponsored events on the PGA Tour in 2000 and 2001 under the terms of his new contract, and he may appear in ads for Buick. Buick and International Management Group, which handles Mr. Woods' business affairs, could not be reached for comment. The bidding for Woods' bag began in mid-October after Titleist announced it had renegotiated its endorsement deal with the golfer. Though terms were not disclosed, Titleist gave up thebag--and is believed to have cut its previous annual outlay of $4 million a year at least in half. Titleist renegotiated following a dispute with Nike Golf over Nike's use of Mr. Woods in ads. Titleist believed the ads gave the impression Mr. Woods was endorsing Nike golf balls.
Copyright November 1999, Crain Communications Inc.