Tiger Woods moves to motorcycles from cars as endorser
Tiger Woods is shifting to selling Indian-made motorcycles from Buicks.
Woods, 38, signed a four-year contract as an endorser for Hero MotoCorp Ltd., India's largest motorcycle maker. The company plans to enter the European market in 2015 and the U.S. by the following year, Chief Executive Officer Pawan Munjal has said.
The addition of Woods as the New Delhi-based company's first global corporate endorser follows Hero's agreement to sponsor this week's World Challenge tournament at Orlando, Florida's Isleworth Country Club. The event has an 18-player field and benefits the golfer's charitable foundation.
Neither Hero nor Woods's agent, Mark Steinberg, would disclose financial terms of the agreement.
In a statement, Munjal said Woods is "not just a golfing champion and an icon for millions around the world; he is indeed a phenomenon -- a symbol of humility in victory and grace in adversity."
The 14-time major champion has dropped to No. 24 in the Official World Golf Ranking and hasn't won a major title since his 2008 victory at the U.S. Open, the year before a car accident outside of his former home at Isleworth led to his admission of infidelity, divorce and the loss of several corporate partners, including Accenture PLC, AT&T Inc.
Buick, which had signed Woods as an endorser in 2001 and used the golfer in its advertising and paid him to carry the company's logo on his golf bag, ended its agreement with him in 2008 as it reduced sports marketing spending amid declining auto sales.
In June, Woods signed a four-year agreement to carry the logo of Denver-based sports nutrition company MusclePharm Corp. on his golf bag. MusclePharm is the fifth career bag sponsor for Woods, who had previous agreements with Titleist, Buick, AT&T and Fuse Science Inc.
Hero is seeking to raise the profile of a brand with little exposure outside India since the company's creation 30 years ago, Munjal said in September when the company agreed to sponsor Woods's tournament. Hero seeks foreign sales of more than 1 million motorcycles and scooters by decade's end, he said.
Over the past 18 months, the company has entered about 20 new markets in Africa, Central America and South America, Munjal said. Hero has opened factories in Bangladesh and Colombia, the first outside India.
Woods is making his return to golf this week after taking three months off to rehabilitate a back injury. He missed the 36-hole cut in the PGA Championship in August, his most recent tournament. He was also unable to play in the Masters, U.S. Open and Ryder Cup due to injury.