GM dropping Tiger Woods could be ominous sign for racing
When Woods ended his nine-year relationship with General Motors Corp. on Monday — a mutual decision between a megawatt celebrity who doesn't need the work and a teetering corporation that needs every penny — it offered yet another snapshot of how badly the American economy has deteriorated.
Woods is the world's most marketable athlete with an estimated $100 million in endorsements a year. If his agreement with one of the world's most active sports sponsors dissolved, some experts wonder if any endorsement or sponsorship deal is really ironclad in these tough times.
"The real story here isn't Tiger," says Marc Ganis, the president of Sportscorp Ltd., a Chicago-based sports consulting firm. "It's the auto industry. … There are a lot of parties who are going to have some difficulties finding sponsors to substitute for what the auto industry used to provide." Detroit News