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SBD Global/July 11, 2013/Finance

Dubai Holding Dissolves Partnership With Tiger Woods On $1.1B Golf Resort

Dubai Holding has confirmed it has “dissolved” its partnership with Tiger Woods, according to Shane McGinley of ARABIAN BUSINESS. The branded golf resort, for which Woods was paid $55.4M to design and promote, "has been permanently scrapped." Dubai Properties Group, a unit of Dubai Holding, announced in Jan. '10 it had suspended work on the luxury Tiger Woods Dubai golf course and residential units but said it would "continue to be monitored and a decision will be made in the future when to restart the project." Under a revised contract drawn up in '08 between Woods' company ETW (Eldrick Tiger Woods) and Dubai developer Tatweer, which is now part of Dubai Holding, the golfer was paid $26.25M up front and an additional $29,166,667 10 days "after signing the contract." The $1.1B Tiger Woods Dubai project was announced in '06 and originally scheduled to open in Sept. '09 (ARABIAN BUSINESS, 7/9).
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