Woods sets sightson record deal

Tiger Woods is on the verge of setting a new benchmark - an endorsement contract with Nike worth about £70 million, believed to be the richest in sport.

Tiger Woods is on the verge of setting a new benchmark - an endorsement contract with Nike worth about £70 million, believed to be the richest in sport.

Woods and Nike have agreed to a five-year extension to his existing deal that will pay him an average of about £14 million a year, according to a source close to the negotiations.

Woods' agent, Mark Steinberg, described the deal as an "outstanding contract", but declined to discuss specifics, saying only that: "It compensates Tiger not just for what he's done with Nike, but what he has done for golf and sports."

Bob Wood, Nike's golf president, was also circumspect: "We've worked on this for 18 months. It's a pretty creative contract. It has a lot of aspects to it, but the effort was worth it. It's not often you get a chance to work with somebody who's the best in the world at what they do. Working with and being associated with Tiger Woods has created an incredible amount of positive energy about Nike Golf and Nike."

Woods has represented Nike since turning professional in 1996. In just four years he has raised his game to a level few could have imagined, and attracted a record number of TV viewers along the way.

With three tournaments to play, his nine victories this year are the most in one US PGA Tour season since 1950 and he is on course to shattered the all-time season scoring average set by Byron Nelson in 1945.

Earlier this year, Woods - who is still only 24 - signed an endorsement deal with Buick worth £20m over five years and carries its logo on his bag.

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