via the Detroit Free Press:
Tiger Woods' split with GM a warning for athletesBy EDDIE PELLS •
ASSOCIATED PRESS • November 29, 2008
Turns out, Tiger Woods wouldn't really rather have a Buick. At least not anymore.
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 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."
LeBron James ($28 million in endorsements according to Sports Illustrated's 2007 figures), Peyton Manning ($13 million) and those in the top-circle elite don't have so much to worry about because, like Woods, they have multiple deals spread over several industries.
As for everyone else, well, Ganis figures they will feel the pain. If money from the auto industry and financial world dries up, athletes and events that are lower in the pecking order will get thirsty. .......(more)
The complete piece is at:
http://www.freep.com/article/20081129/BUSINESS/81129041