Tiger Woods, Buick Discussing If Sponsorship Renewal Makes Sense

Woods' Agent Trying To Decide If Renewal Is Good Idea Amid GM's Cutbacks, Stock Decline

Golfer Tiger Woods and GM "have had an 'early conversation' about his current endorsement contract and whether the two sides will continue beyond 2009," according to Michael Buteau of BLOOMBERG NEWS. IMG Golf Senior Corporate VP & Global Managing Dir Mark Steinberg, Woods' agent, and Buick Golf Marketing Manager Larry Peck said that they "recently spoke about setting a timeframe for when they will hold further discussions." Peck said that Buick, which has partnered with Woods since '99, "has no plans 'right now' to scale back its golf sponsorships." Buteau noted GM's stock "has dropped more than 74[%] this year," closing at $6.19 per share yesterday, and the company "has cut 53,000 union workers since 2005." Due to the recent cutbacks, Steinberg said that he "wants to find out if it 'makes sense to continue' beyond 2009, when the contract is due to expire." Steinberg added that he "wouldn't call his initial talks with Peck 'a renewal conversation.'" Woods currently carries the Buick logo on his golf bag, and appears in print and TV ads for the company (BLOOMBERG.com, 10/22).