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What do you get when you pair one of the world’s most famous brands with one of the world’s most famous athletes? A lot of money changing hands.
Answer: About $660 million
Questions:
- Why do companies like Nike pay celebrities like Tiger Woods large sums of money for endorsements?
- What are the potential financial risks for athletes with high-income streams from endorsements?
- How can athletes use their platform and earnings for social good?
Behind the Numbers (Fortune):
“Woods, now 48, signed a five-year, $40 million deal with Nike as a young phenom in 1996. A five-year, $100 million contract followed in 2001, and his next pact with the athletic-goods giant was worth $320 million over eight years. He signed his most recent deal with Nike, worth $200 million over 10 years, in 2013.”
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