PEBBLE BEACH, Calif. – CNBC’s Darren Rovell reports today that Tiger Woods might have lost as much as $30 million in endorsement deal money last year.
Here’s a portion of what Rovell is reporting:
Tiger Woods' loss of endorsement income cost his management company IMG $4.6 million in fees, according to a confidential document reviewed by CNBC.
The document provides the most comprehensive financial look into the powerful, but private, sports management company in its 50-year history.
IMG, like other agencies, charges its clients between 15 and 20 percent on endorsement deals it secures, so if it lost $4.6 million on Tiger's endorsements, it would mean the golfer himself lost in between $23 million and $30 million in deals last year.
That said, it isn't known what fee Woods pays the company. Presumably, a marquee client such as Woods would pay less than the standard fee. Tiger's agent, Mark Steinberg, who heads up IMG's golf division, wouldn't comment on how much his client lost in endorsement income.
Woods — who is listed in the document under the golf section as 'key client' — lost both his Accenture and AT&T deals in December 2009, but lost his Gatorade deal in February of this year amid the fallout from his infidelity