American Express signs Tiger Woods as spokesman
By SKIP WOLLENBERG AP Business Writer
NEW YORK (AP) - Golf superstar Tiger Woods has signed a multi-year,
multimillion-dollar deal to be a spokesman for American Express
Co. around the world.
Terms of the deal announced today were not disclosed, but the
trade magazine Brandweek said it was for $30 million for five
years.
A person familar with the agreement but speaking on condition
of anonymity said it was worth less than $30 million but was for
about five years.
It is the third major endorsement contract for Woods who turned
professional last year and recently won the Masters championship
by a record margin.
On Sunday, he won the Byron Nelson Classic, the first tournament
he had entered since winning the Masters.
Woods already has multi-year endorsement deals estimated to
be worth $40 million with Nike Inc., the sports show and apparel
marketer, and $20 million with the sports equipment manufacturer
Titleist.
"Tiger Woods is much more than an outstanding athlete,"
said Kenneth I. Chenault, president and chief operating officer
at American Express.
He said Woods' achievements reflect discipline, hard work and
preparation, which Chenault said are pillars of American Express'
business.
Woods will appear in behalf of a broad range of American Express
products. His first television commercial is expected to air in
late summer and will discuss the company's financial advisory
service.
A print ad featuring Woods for American Express is slated to
run Tuesday in major newspapers and magazines.
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