Renowned golfer Tiger Woods is now a billionaire, according to a new estimate by Forbes. This makes him the third billionaire athlete in the world after NBA icons Michael Jordan and LeBron James.
According to a 10 June report by Forbes, Woods earned a gross total of over USD 1.7 billion before taxes and agents’ fees in his 27-year-long career from golf, endorsements and other deals. The publication estimates that his lifetime net worth, therefore, comes to at least USD 1 billion.
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How Tiger Woods became a billionaire
Highest-paid athlete till 2012
Woods won USD 121 million in prize money — the highest by any pro golfer in history. Also, he was the highest paid athlete in the world for 10 consecutive years till 2012, on Forbes’ list.
To date, Woods has had 82 wins on the PGA Tour — an all-time highest record, he shares with Sam Snead. He has also won 15 Majors and is only behind Jack Nicklaus’ record of 18.
However, finances from playing the sport make up just 10 percent of the total earnings in his career.
High endorsements
Forbes says that most of Woods’ billion-dollar fortune has come from endorsements with brands such as Gatorade, Monster Energy, Rolex and Nike.
As per the report, Woods reached the billion-dollar mark despite turning down a “mind-blowingly enormous” offer from the Saudi-backed LIV Golf tour. LIV Golf commissioner Greg Norman told The Washington Post that the deal would be around “high nine digits.”
“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 Forbes. “Brands love knowing they’re getting someone who is embraced not just by the traditional but also by the casual fans.”
Earnings from other avenues
Apart from his professional and endorsement earnings, Woods makes money from his ventures too. These include a golf design business, live events production company and the restaurant named The Woods.
He is also an investor in clubs and resorts group NEXUS Luxury Collection and is a partner in SPAC.
The Forbes report comes in the backdrop of a string of setbacks in the golfer’s career.
According to CBS News, the 46-year-old golfer is not in his best form, since a car accident in February 2021. He withdrew from major events such as the Masters, the PGA Championship and the US Open in 2022, as well.
(Main and Featured image credit: Tiger Woods/@TigerWoods/Twitter)
This story first appeared on PrestigeOnline Singapore
