Tiger Woods becomes third sportsperson to join the billionaire club
Tiger Woods has joined the ranks of the world’s billionaires, according to the latest estimate of his net worth by Forbes. He becomes only the third athlete ever to be worth that much, and only the second active athlete, joining NBA superstars LeBron James and Michael Jordan. LeBron got there by taking equity stakes in a number of businesses, while Michael Jordan hit ten digits after he retired thanks to a well-timed investment in the NBA’s Charlotte Hornets team.
The bulk of Woods’s fortune comes from the multitude of endorsement deals he has signed with more than a dozen brands, including Gatorade, Monster Energy, TaylorMade, Rolex and Nike, with whom he signed in 1996 and which remains his biggest backer. Less than 10% of Woods’s earnings have come from his winnings on the course.
“He hit the right time in the right sport, being an athlete with a diverse background who was approachable,” veteran sports business consultant and Columbia lecturer Joe Favorito told Yahoo Sports. “Brands love knowing they’re getting someone who is embraced not just by the traditional but also by the casual fans.”
Over the years Woods has expanded his interests into an array of other ventures, including a golf design business (TGR Design), a live events production company (TGR Live) and a restaurant (The Woods). Through TGR Ventures, Woods has taken stakes in Full Swing, a golf technology training tool; Heard, a hospitality software startup; and PopStroke, a luxury mini-golf experience with four locations in Florida and plans to open a half-dozen more locations across the country in 2022. Woods is also identified as a partner in a SPAC announced in January, and he is an investor alongside British billionaire Joe Lewis’ Tavistock Group, golfing rival Ernie Els and Justin Timberlake in NEXUS Luxury Collection, a group of clubs and resorts.
Woods reportedly also had the chance to boost his net worth significantly, according to Greg Norman, who told the Washington Post that Woods had turned down an offer from the Saudis to participate in the LIV series that was in the high nine figures.
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