Tiger Woods signed a new endorsement deal with Nike about two weeks ago, according to a report on ESPN.com Wednesday afternoon. The report was confirmed by Woods' agent, Mark Steinberg.
The new agreement replaces Woods' existing deal, which was set to expire at the end of the year. Steinberg didn't disclose the new contract's length or financial terms.
"We're comfortable with where we ended up and the career trajectory that Tiger will be on with Nike," Steinberg told ESPN.com at the Open Championship. "I'm thrilled we were able to complete this deal."
"We are thrilled to continue our partnership with Tiger," said Nike Golf President Cindy Davis in a statement released to ESPN.com. "He is one of Nike's most iconic athletes and has played an integral part in Nike Golf's growth since the very beginning. … we will continue to utilize his insights to develop the most innovative products that support golfers reaching their full potential."
Woods began his relationship with Nike upon turning professional in 1996, when he signed a five-year deal said to have been worth $40 million. That deal was followed by another five-year agreement worth $100 million, according to reports, and was followed by the seven-year deal that just now is being replaced.
Woods told ESPN.com last month that "it was just a matter of time" before the contract would be signed. Steinberg had said last month that he felt "confident [Woods] will be with Nike for the rest of his career."