World No.1 Tiger Woods is close to signing a new endorsement deal that would keep him as golf’s highest-paid pitchman, according to his agent Mark Steinberg.
In a report on Monday on the ESPN website, Steinberg said the Nike-Woods deal signed in 2006 is set to expire before the end of 2013.
“We’re down to the very, very short strokes right now,” Steinberg said. “I would expect we would come out with some sort of joint announcement when we get the paperwork signed. I hope this is viewed as a pretty bold statement.”
Woods said on Sunday after sharing 65th at the Memorial that he knows every detail of the negotiations and expects to sign the new contract perhaps as soon as the completion of the US Open from June 13-16 at Merion Golf Club.
It was not so long ago that sponsors abandoned Woods in the wake of his sex scandal in which he cheated on then-wife Elin Nordegren with multiple mistresses, apologising in a televised 2010 statement.
Endorsement deals with Gillette, Accenture, AT and T and Gatorade were cut and Woods’ marriage ended in 2010.
He has not won a major title since the scandal but has a new girlfriend, US ski star and reigning Olympic women’s downhill champion Lindsey Vonn.
Throughout the scandal, Nike stuck by Woods.
“Tiger started his professional career with Nike in 1996,” Steinberg said. “He has a long way to go in his career but I feel, with the type of deal we’ve constructed, I feel confident that he will be with Nike for his entire career.”
Steinberg did not reveal contract terms except to say it was a multi-year deal and did not say if Woods took a pay cut.
Sports Illustrated reported Woods makes about $US40 million ($A41.15 million) a year, including prize money and the current Nike deal as well as endorsement contracts with Rolex, Fuse, EA Sports, NetJets and Japan’s Kowa.
Woods, 37, went more than two years without a PGA victory after the scandal but has won seven times in the past 15 months, giving him 78 career PGA titles – four shy of matching the all-time record held by Sam Snead.
But, since he won the 2008 US Open, Woods has been stuck on 14 major titles – four shy of matching the record held by Jack Nicklaus.