GM, Tiger Woods part ways

Bringing a premature end to one of the most hyped endorsement deals, General Motors and golfer Tiger Woods have decided to part ways. The end of the deal has come about a year before the actual termination of the contract period.

It is being said that the decision came about after the car maker wanted to look at means to cut costs, while Woods wants to spend more time with his family.  The contract inked by GM and Tiger Woods was originally slated to end by the end of year 2009. It is being said that Woods is expecting a second child and he’s looking for more time with the family.

Woods has said in a statement posted on his website that he is “very proud of the longstanding partnership he has had with General Motors and has enjoyed being a part of the company’s dramatic product evolution” General Motors, which has long been a major sponsor of sporting events and athletes, has of late, cut down on its spending on sports. However, it has reiterated that it had no plans to end its sponsorship of two PGA tournaments, the Buick Invitational and the Buick Open, the contracts of which expire in 2010.

The long standing relationship traces back to nearly a decade ago when the two came together to popularize the Buick brand among younger drivers. This had in fact coincided with Tiger Woods’ start of reign in golf. Since then, it has been a great decade for Tiger Woods as he went on to be one unbeatable player and superstar f golf. He appeared in numerous advertisements for the automaker, and the Buick logo was prominently displayed on his golf bag.

Though it is not known how much the endorsement deal was worth. However, rough estimates based on speculations said that the deal was worth about $7.5 million a year. Industry observers feel that the endorsement had helped the car turn an international brand. Meanwhile, Woods has said he will continue to drive his Buicks.