Tiger Woods Net Worth: $61 million
Source of Wealth: Golf
$61 million. The figure represents the current net worth of Tiger Woods, one of the most successful golfers in the history of sport. He is also known as the youngest professional golfer ever to win a Grand Slam run back in 2000 at the age of 24. Starting his professional career in 1997, Woods became a dominant force throughout the 2000s, winning major titles left and right. As of this writing, Woods has won 14 major tournaments.
But his last huge victory was in 2008, when Woods clinched the US Open. Ever since, he has been on the downward slide. That said, Woods still yearns to beat a long standing record by legendary golfer Jack Nicklaus, who won 18 major titles in his entire career. Aged 38, Woods is still a strong contender despite several health and personal issues that rocked his career to the sidelines. The latest bump Woods had to hurdle was the recent back issue, which he took care of by having a back surgery.
Will he be able to beat Nicklaus’ seemingly unrepeatable record? Well, that is a debate with no definitive answer unless Woods retires from sport on the spot. But you can bet that the man is on a quest and will aim for that holy grail before he calls it quits.
Current Net Worth
Woods current net worth now stands at $61 million, with most of his earnings coming from his endorsement deals ($55 million). His total winnings in the current year have amounted to $6.2 million.
Rocky Then Steady 2013
Woods, despite being one of the highest earning athletes, saw his income taking a hit last year. Video game studio Electronic Arts axed their relationship with Woods along with the latter’s video game series which spawned 16 editions. All in all, Woods’ deal with Electronic Arts amounted to $800 million including revenues from the games as well as endorsements.
While Electronic Arts decided to part ways with Woods, the sports brand Nike opted to renew its dealings with the golfer. Nike created a golf division when they signed Woods way back when he was still a young pro. That division made $791 million of Nike’s 2013 fiscal year. Another good thing going for Woods is his golf course designing enterprise now picking up steam. He has recently reached a deal to design a golf course for a private resort in Cabo San Lucas, Mexico this fall. There are no definite figures released about this project but insiders say that the contract was very lucrative.
The Billion Dollar Mark
From 2006 to 2009, Woods generated more than $100 million in income. By 2009, he became the first professional athlete, both active and retired, to earn more than a billion, cementing his status as a bankable sports icon. At the time, no one was even close as far as earning power and influence were concerned. Only two sportsmen were hot on his trail and coincidentally, both guys are named Michael – Jordan and Schumacher.
Prior to 2009, Woods accumulated a total of $895 million in earnings. By any calculations, Woods only had to do little to breach the billion dollar mark. On the other hand, Michael Jordan had about $800 million in the bank during the same period. Jordan, whose career earnings peaked during the 1998-1999 NBA season when he netted $69 million in salary and endorsement income, continues to earn through his shoe company, the Jordan Brand, which is part of the Nike family, his ownership of the Charlotte Hornets, and other endorsement deals.
Just recently, Jordan is now listed as a billionaire by Forbes, 5 years after Woods reached billionaire status.
Schumacher’s net worth was estimated to be at $700 million during 2009. The racing legend saw his earning reached the zenith in 2003, when he earned $80 million. Also during the 2009 year, Schumacher was earning $40 million in salary, the highest for any professional athlete at the time.
Scandal
2009 was also a hard time for Woods as news of the scandalous kind dragged the golfer down along with his marriage. In November of the same year, speculations of Woods engaging in extramarital actions grew dramatically, starting from a piece of a tabloid that claimed Woods was going out with New York City nightclub manager Rachel Uchitel.
Woods initially refrained from addressing the allegations. However, after several incidents that followed, Woods finally admitted to the infidelity and went to hiatus from professional golf. Woods and Elin Nordegren, his wife for six years and mother of his two children, divorced in 2010.
The scandal was a huge blow to Woods’ earning potential. Following the admission of the affair, many of his sponsors severed their ties with the golfer, including Accenture, AT&T, Gatorade and General Motors. Other companies who followed suit were Gillette and The Golf Digest magazine. A few sponsors remained though, particularly Nike and Electronic Arts.
A private business firm analyzed the scandal and revealed that shareholders of the Woods’ sponsors lost between $5 billion and $12 billion following the news of the sportsman’s affairs.
Bounce Back
Woods returned to golf a year after the news of the scandal broke out. Coming out with the stories of affair still fresh in the public’s mind, Woods easily transformed from being the toast of the town to the most ridiculed person on earth. Admirably though, the golfer took it like a man.
“I made my share of mistakes. People can look at that as what not to do, and if they choose to make fun of it, that’s fine. I can’t control that. All I know is that I can only control myself.”
Since 2008, Woods has not won a major title. But at the age of 34, he still has 10 to 15 years of golfing ahead of him. And perhaps, within that time, he’ll dethrone Jack Nicklaus at the Mt. Olympus of golf. All he needs is win five more. If you know Tiger Woods, you know he can make that happen.
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