Vijay Singh, the world’s new No. 1 golfer, is close to completing a deal with Cleveland Golf on a lengthy extension to his endorsement deal for the company’s irons and fairway woods, his agent said.
Clarke Jones, senior vice president of IMG Golf and Singh’s agent, said the deal is done “in principle.”
The extension is for between three and seven years, Jones said, with a significant increase in the annual payment, although Jones would not discuss the precise figure. With Tiger Woods making a reported $20 million a year from Nike and Phil Mickelson reportedly between $7 million and $10 million in his deal announced last week with Callaway Golf, it’s safe to say Singh’s deal is at least in the mid-seven figures annually.
Golf Digest estimated Singh’s 2003 endorsement earnings — including a ball deal with Titleist — at $5 million.
The businesslike Singh does not have the same cachet as Mickelson and Woods in the United States, but his reputation is strong worldwide, and the Fiji native plays a large number of events in Asia annually, important to any clubmaker wanting to be strong in that market. Cleveland’s financial numbers are not available, but publicly traded competitor Callaway Golf drew 20 percent of its revenue from Japan and the rest of Asia last year.
Cleveland President Greg Hopkins did not return calls asking for comment. Singh has been a Cleveland endorser since early 2000.
Singh does not have deals for putter and driver, common for many pro golfers who want flexibility to change those clubs when they want.
Singh has used a TaylorMade driver this season, during which he has won six tournaments and nearly $8 million. He used a Never Compromise putter for his first three victories — Never Compromise is a Cleveland company — but switched to a Bettinardi model before the recent streak of three titles in four events.
Bob Bettinardi, president of Bettinardi Golf, suggested Singh won’t be switching putters soon. “He’s won $3 million in five weeks,” said Bettinardi. “Would you switch? I don’t even think you switch your underwear.”
