Business

<< Previous   of   Next >> (click to enlarge) Tiger Woods   ADVERTISEMENT   Related Stories • Tiger on the loose; maybe he'll buy a Hyundai 11/25/08   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Tuesday, November 25, 2008 GM parts ways with Tiger Woods Associated Press DETROIT -- General Motors is bailing out on Tiger Woods. Woods, a global icon in sports with his 14 major golf championships, has been carrying the Buick logo on his golf bag for the last nine years and still had one year left on his contract. But GM was looking to cut costs and hoard cash while trying to survive the worst sales downturn in a quarter-century. And it said Monday the world's No. 1 golfer wanted more time for himself, especially with a second child on the way. "Timing is everything," said Larry Peck, golf marketing manager for Buick. "We've had such a great partnership with Tiger. It's hard for us to walk away from that. But this frees up time for him. And it sure frees up a lot of money for us." The endorsement deal, believed to be worth at least $7 million a year, was to expire at the end of 2009. Woods has endorsed GM products around the world and mainly has been seen in Buick commercials as the company tried to give the nameplate a more youthful image. Peck said during the launch a few years ago of the Enclave that its research showed 78 percent of consumers who bought the SUV previously had not been Buick owners. Buick's U.S. sales have dropped 54 percent from 2000, the first full year Woods worked with GM, to 2007, according to Ward's AutoInfoBank. The brand's global sales, however, rose 17 percent during that span, according to GM. Buick is particularly popular in China. Woods' agent at IMG, Mark Steinberg, said the decision to end the relationship one year early was "absolutely mutual." "It was a combination of things," he said. "Tiger was looking to gain some more time, and certainly it was an opportunity for GM to reduce its spending with everything going on." READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

1. Lakewood police officers killed today are identified 2. Four die in car crash near Marysville 3. Extended lack of work takes its toll on Snohomish County families 4. Prosecutor leaving county job, but still seeking justice 5. Advice if you’re trying to swoop in on a foreclosure deal 6. Public clinics in Everett, Lynnwood to offer free flu shots 7. GPS-equipped phones change market 8. Hero guitar 9. Six Lake Stevens friends earn Scouting's highest honor 10. Fire destroys indoor paintball arena in Everett 2 - Top 10 Stories Most Talked about 3 - Top 10 Stories Most Emailed

• Ruling in the pool • Holiday Lightings & Santa Sightings • Archbishop Murphy takes title • A season of performing arts • Budget numbers have official fuming • Wildcats move on to 2A semifinals • Holiday Bazaars & Fairs Calendar • Edmonds’ Westgate Chapel serves up hospitality for holiday • Mavericks fall • Boeing will build, flight test and deliver 787s in South Carolina to spe ... • Snohomish County EDC promoting job growth in key industry clusters • $4 million grant to advance brain tumor research has Everett links • Providence medical center construction tops off its 12-story steel frame ... • Tulalip affordable housing project to be financed by KeyBank, Raymond Ja ... • Arlington's Lak of Ink has a growing following for Luke Kooyman's creati ... • Bank of the Northwest formed • Cascade Bank earns $1.6 million