With the recent economic landscape, Tiger Woods and General Motors Corp. are participating in talks regarding the golfer's continued involvement in advertising the Buick past 2009. As a result of the failure of $15 billion in asset sales giving GM the safety net it wishes, GM is planning to proceed with a series of cost cuts. The endorsement deal was held with the golfer since 1999, and Buick has indicated that it does not wish to cut back on golf sponsorships. As a result of the economy, the company's stock dropped by three quarters, and GM has laid off 53,000 union workers.
The contract will expire in 2009, and there is discussion of whether it will make the most fiscal sense to renew the contract. Really, the talks are currently discussing the nature of the relationship between Woods and Buick, and talks directly relating to the possibility of renewal of the contract are not in the works. Buick has come out and said that there is no wish to sever ties with Tiger Woods, who carries a Buick logo upon his golf bag and appears in television and print ads.
For half a century, Buick had continued its involvement with golf and is the Official Car of the US PGA tour, through 2010. Buick is the largest sponsor of the PGA tour, and they have no plans on changing. But the recent problems on Wall Street have led experts to predict rough times ahead for the golf's top circuit. This is a problem that a lot of sponsors are facing, making sure that every dollar spent is utilized to its fullest. Many companies are looking for ways to save money. GM is planning to close down SUV assembly plants across the country because of the slowing of US sales of vehicles. At other plants, production will slow, affecting about 1500 workers.
Not even Tiger Woods is immune to the state of the economy, as advertising potential could dwindle. It is all about the viability of banks, making this a unique situation for the economic stability and viability within the job market as a whole. How much that Tiger Woods makes with Buick is confidential, but last year, Tiger made over 120 million dollars between golfing and commercial endorsements. Buick recognizes the need for advertising, and the value of pros like Tiger Woods in marketing brand names. The issue at hand is to ensure that advertising money is spent efficiently.
In the end, it will be likely that Tiger Woods and GM will continue their relationship without modification, although anything can happen. Advertising has always been and will always be a vital component of everything commercial, but what will likely happen is that money going into advertising will be cut back and more efficiently spent. For the golfing world, sponsors will start to cut back and it may make things tight for the PGA with tournaments and other sponsored events. Given the power behind professional golfers in advertising, corporate money will always be available; it is just the amount that will diminish.
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1 comment so far ↓
I doubt that Tiger drives as much as the average schmoe, but when he does, is it realistic to think he’s in a Buick?
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