GM ends endorsement deal with Tiger Woods

2008-11-25

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DETROIT (TICKER) —General Motors, the world’s largest auto manufacturer, will conclude its endorsement deal with Tiger Woods at the end of this year.

Citing budget issues and the lagging national economy, GM announced the decision Monday in a statement also claiming that Woods wants to spend more time with his growing family.

The world’s No. 1 golfer, Woods has endorsed GM products for the past nine years has been closely associated with the Buick brand.

“Tiger has been a great friend to GM and a fantastic asset through the years helping to bring consumer awareness to many new GM products,” said Mark LaNeve, GM’s North American vice president of sales. “This decision is the result of discussions that started earlier in the year, and the timing of this agreement with these other activities is purely coincidental.”

Since turning pro in 1996, Woods has carried just two logos on his golf bag - Titleist and Buick, which secured the 14-time major winner’s services in 1999.

“I am very proud of the long standing partnership I’ve had with GM and have enjoyed being a part of the company’s dramatic product evolution,” said Woods, who has not played since injuring his knee at this year’s U.S. Open.

“We’ve had a lot of fun together, and I participated in some unique and rewarding activities. We’ve enjoyed a tremendous partnership over the years, and we will maintain strong ties with the many people at GM we call friends.”