• Open Championship

Tiger Woods inks new deal with Nike

Tiger Woods has signed a new endorsement deal with Nike that will take the place of a contract set to expire this year.

Mark Steinberg, Woods' agent, said on Wednesday that the contract with his client's longtime equipment and apparel sponsor was signed about two weeks ago during a series of meetings in Florida. Steinberg would not disclose financial terms or length of the contract.

"We're comfortable with where we ended up and the career trajectory that Tiger will be on with Nike," Steinberg told ESPN.com at Muirfield, where Woods will begin play in the Open Championship on Thursday afternoon. "I'm thrilled we were able to complete this deal."

Steinberg said last month, when he acknowledged a new deal was imminent, that he felt "confident [Woods] will be with Nike for the rest of his career."

Following the Memorial Tournament in June, Woods told ESPN.com that "it was just a matter of time" before the contract would be signed.

Woods' current deal with Nike was signed in 2006. He has been with Nike since turning pro in 1996, when he signed a five-year deal for a reported $40 million. Various industry reports had his compensation at $100 million over five years starting in 2001. The current contract was for seven years.

"We are thrilled to continue our partnership with Tiger," said Cindy Davis, president of Nike Golf, in a statement released to ESPN.com. "He is one of Nike's most iconic athletes and has played an integral part in Nike Golf's growth since the very beginning.

"We look forward to sharing many more of the exciting awe-inspiring sport moments that Tiger is known to create in golf. At the same time, we will continue to utilise his insights to develop the most innovative products that support golfers reaching their full potential."

Steinberg said there would be no new requirements as part of the deal but that Woods would continue to work closely with Nike to develop products.

"It's not just about having one of the greatest golfers of all time or one of the greatest athletes of all time on staff," Steinberg said. "It's about how insightful he is with the product - how he can help them with innovation. I think there will be a lot of that.

"Look at his shoe - that is something he created with Nike. That's a workout and a golf shoe in one. That's an example of them really working together. They've done that for 17 years. I think you're going to see more and more of that, and maybe a more pinpointed direct approach."

Golf Digest, as part of an annual report earlier this year on golfers' income, put Woods' earnings at $77 million off the course in 2012. It did not break down what he received from Nike, although the figure is believed to be more than $20 million per year.

Sports Illustrated, as part of a recent compilation called "The Fortunate 50," pegged his total compensation at closer to $40 million annually.

Woods also has endorsement deals with Rolex, Fuse, NetJets, EA Sports and Kowa, a Japanese company.

This article first appeared on ESPN.com

© ESPN Sports Media Ltd