Golf: Tiger Woods paid Dubai golf resort promotional fee
The Arabian press revealed on Thursday that Tiger Woods received $55.4 million from a United Arab Emirates developer, Tatweer for promotion of a golf resort in Dubai.
According to the documents leaked to the press, the former world number one signed a contract in June 2006 in which he was to receive a payment of $26.25 million for the promotion of the luxury project.
Two years later, Woods’ company Eldrick Tiger Woods urged for the contract to be revised. On 22 August, 2008, Tiger Woods and Tatweer inked an ‘Amendment to Golf Course Design and License Agreement,’ which included fifteen new clauses.
The additional clauses included a revision in the payment pattern. Apart from the initial payment of $26.25 million, ETW asked for an extra $70 million as a promotional fee.
Furthermore, the document gave the break-up of the additional payments. As per the details, a sum of $26,166,177 was to be paid to ETW within the first ten days of the agreement while $14,583,333 were payable within ten days of the star’s appearance at the
opening ceremony of Tiger Woods Dubai resort.
Moreover, the new deal said that the world’s richest athlete would receive a one-time fee of $28.8 million if Tatweer wanted him to promote a second golf resort. However, it also mentioned a clause that said Woods would not be eligible for a luxury mansion
on the venue and both the parties would keep the contract confidential.
Since the document is out in the media now, the deal is no more confidential and it proves that the former world number one was about to receive a total sum of $98.8 million, which was $6.6 million more than Woods’ net earnings in 2008.
Despite the contract going public, Woods is not in the mood to comment on the story. On his arrival at the Emirates Golf Club on Wednesday for the pro-am, Woods was asked about the contract but he refused to comment. He said, “No, I’m not going to talk about
that, sorry.”
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