As General Motors tells it, the move to let Tiger Woods out of his current endorsement contract with the automaker was coincidental to its current quest to gain a share of a $25 billion loan Congress is contemplating for the Big Three Detroit wheels.
The decision to release the superstar golfer from the final year of a five-year deal that was paying him a reported $7 million a year was by mutual consent. GM and Woods were in discussions to extend the contract when the golfer indicated he wanted to reduce his appearance schedule with all sponsors to spend more time with his family. With cost-cutting uppermost on GM’s priorities list, both parties figured it was a good time to simply part ways, according to company spokesman Pete Ternes.
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