Tiger Woods dumps IMG for agent Mark Steinberg
Tiger Woods has decided to stick with his agent Mark Steinberg and has bid farewell to IMG, the company Steinberg served for 12 years.
The 35-year-old confirmed this decision via his Twitter account, where he posted, “Staying with Mark Steinberg. Total confidence in him. Excited about the next stage in my professional life. Fond memories of Mark McCormack.”
Woods took this decision when Steinberg was facing tough times. Two weeks back, IMG released a statement that Steinberg was no more part of the management company and no longer served as the head of the golf division. According
to press releases, Woods’ agent failed to renew the contract and hence he was forced to leave the company, but the insiders say otherwise.
According to other reports, Steinberg was charging high compensation from the company, which included bonuses and perks. Since IMG had been facing deficit in the commission received from Woods because of the decline in his career,
therefore, it was difficult to retain such an expensive employee and as IMG quoted, “(he is) too expensive to keep.”
Sources added that in 2007, two years before Woods’ illegitimacy scandal hit the market, IMG's golf division was earning $28 million and Woods was contributing $7.8 million in it. However, in the aftermath of the s*x scandal, Woods
lost the endorsement deals, which ultimately reflected in the bottom line of the company. The profits dropped to $15 million in 2010, and Woods’ contribution slumped to $1.1 million in the same year.
Neither Steinberg nor Woods have given their stance regarding the compensation issue raised in the press. Instead, they have joined hands to strengthen the bond that was formed in 1999, when Steinberg joined IMG. On the other hand,
Woods and IMG’s coordination dates back to 1996, when the former world number one turned pro.
Now the question remains, whether Steinberg would set up a new company with Woods as his major client. The two parties have not commented on the issue, but one thing is certain that Woods is ready to back old friends and associates
in their tough times, the same way they backed him in 2009.
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