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Tiger Woods and Nike End 27-Year Partnership. Woods made the announcement on Jan. 8, ESPN reports. "Over 27 years ago, I was fortunate to start a partnership with one of the most iconic brands in the world." "The days since have been filled with so many amazing moments and memories, if I started naming them, I could go on forever." "Phil Knight's passion and vision brought this Nike and Nike Golf partnership together and I want to personally thank him, along with the Nike employees and incredible athletes I have had the pleasure of working with along the way.", Tiger Woods, via X. Nike also issued a statement. "Tiger, you challenged your competition, stereotypes, conventions, the old school way of thinking. You challenged the entire institution of golf. You challenged us. And most of all, yourself. And for that challenge we're grateful.", Nike, via Instagram. When Woods first signed his multiyear contract with Nike in 1996, the reported $40 million agreement "was the richest endorsement deal for a professional athlete in history at the time," according to ESPN. Woods' contract with Nike was renewed three times throughout the golfer's career. The 47-year-old signed a 10-year, $200 million extension with Nike in 2013. While reasons for the ended partnership were not disclosed, Nike announced in December that it was going to cut costs by $2 billion "over the next three years," ESPN reports. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT