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Woods and Steinberg: Too expensive to keep?

Posted on: June 1, 2011 6:29 pm
 
COLUMBUS, Ohio -- In a scenario that some had posed last week, potentially casting aside Tiger Woods as a client won't exactly take a heavy toll at IMG, the sports-management giant that has represented the fading former No. 1 since he turned pro in 1996.

Woods and his agent apparently were too expensive to keep.

According to a report in Sports Business Journal, the income generated by Woods for IMG had fallen to $1.1 million in 2010, after the sex scandal had hit, and that wasn't nearly enough to offset the contract and annnual bonuses of his longtime agent, Mark Steinberg.

Steinberg's contract was up for renewal and last week, but IMG severed ties rather than renew.

IMG agreed to a reduced percentage with Woods on his endorsement earnings, and as his deals disappeared in the wake of his scandal and lackluster play, the income dollars dwindled. The source cited in the SBJ report stated that IMG cleared $7.8 million on Woods' endorsement earnings in 2007 but that the number cratered after the scandals hit and he lost rich deals with Gatorade, AT&T, Accenture and others.

The source told SBJ that Steinberg "would have made about $3 million this year in salary and bonuses, significantly more than the fees Woods would have generated."

Management agencies negotiate the percentage of athletes' endorsement deals that are withheld. The reduced percentage Woods paid to IMG was less than the standard figure, but the management firm made up for it in sheer volume.

Woods hasn't stated whether he will remain with IMG or retain Steinberg as his agent, and Steinberg hasn't announced his future intentions, either, although he was free to do so starting Wednesday, when a stipulation in his IMG contract expired.

An IMG spokesman confirmed Wednesday that Sherry Whay, another longtime IMG agent who represented players such as Chris DiMarco and Retief Goosen in the past, also left the firm.
Category: Golf
Comments

Since: Sep 17, 2007
Posted on: June 2, 2011 9:23 pm
 

Woods and Steinberg: Too expensive to keep?

lol I don't care what he is...He gave  the greatest highlights to my golf watching career!  And to that I am thankful.  Those weekends in contention and coming down the back nine on Sundays are things you can never take away.  It happened and it was AWESOME! Don't care about what happens from here on in...What a ride it was for 12 years!



Since: Mar 19, 2008
Posted on: June 2, 2011 3:36 pm
 

Woods and Steinberg: Too expensive to keep?

juicer



Since: Sep 18, 2006
Posted on: June 2, 2011 2:49 pm
 

Woods and Steinberg: Too expensive to keep?

Do us a favor and hold your breath until then.  I promise you'll turn blue before Tiger EVER sees anything close to the paydays he made over the previous 15 years.

Ain't gonna happen, no matter how hard you rub yourself and wish it will...



Since: Sep 17, 2007
Posted on: June 2, 2011 2:31 pm
 

Woods and Steinberg: Too expensive to keep?

Ruined life lol...I guess he can go think about it on his Yacht docked by his 60 million dollar mansion.  Life is completely ruined lol.  Wish my life would ruin like that



Since: Mar 4, 2008
Posted on: June 2, 2011 10:31 am
 

Woods and Steinberg: Too expensive to keep?

cant wait for tiger to get back to his pre scandal playing days ,people will be sorry they left him the greedy bastards



Since: Sep 23, 2009
Posted on: June 2, 2011 9:19 am
 

Woods and Steinberg: Too expensive to keep?

The rats are are leaving the good ship TW as it sinks into the deep water of a ruined life :)



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