Being in business with Tiger Woods is a tricky proposition nowadays. The 14-time major champion has been sidelined since last summer’s Wyndham Championship and has since undergone two more back procedures. He maintains that there is still no timetable for his return to competitive golf.
According to Golf.com, if and when Woods returns to the PGA Tour, his bag will be missing its primary logo, the MP of MusclePharm, a nutritional supplement company, after the company paid Woods to terminate the terms of their endorsement.
The company paid Woods $2.5 million to terminate the deal that began in June 2014, though according to an SEC filing from May 19 Woods still was owed $7 million by the Denver-based company, as of March 31. A day after that filing, the Denver Post reported that MusclePharm was being sued $65 million by Capstone Nutrition for a “breach of contract.”
The original deal with Woods earned MusclePharm space on Woods’s golf bag for 15 tournaments from the day the contract was effective, July 1, 2014. Woods played all four rounds in just eight of those events.
MusclePharm stock rose to $14 following its 2014 partnership with Woods, but the company recently has fallen on hard times and is now trading at a fraction of that price. It was originally reported that Woods might have his own line of MusclePharm products, but that never materialized.
ESPN.com’s Darren Rovell reported “the initial deal was set to run through June 30, 2018, with an option to extend for another two years. It also included the potential to make products with Woods’ name and image on it, which never happened.”
MusclePharm terminates bag deal with Tiger Woods two years early, citing plan to reduce costs https://t.co/FcvUqwgCom
— Darren Rovell (@darrenrovell) May 29, 2016
[Golf.com]
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