Tiger Woods turns down $75m sponsorship deal
March 5, 2010

Tiger Woods has turned down a $75 million sponsorship offer from Paddy Power, the Irish bookmaker said on Friday, adding it would make an improved offer to the golfer.

The 14-times major champion winner was dumped by sports drink brand Gatorade last week, the third major corporate sponsor to abandon the American since details of his adulterous affairs surfaced late last year.

The Dublin-based company said its initial offer to Woods, who was estimated to have earned $100 million annually in endorsement deals before taking an indefinite break from golf in December, covered a five-year period.

Woods did not set a date for his return to competition when he spoke to media last month for the first time since the scandal over his private life erupted.

Paddy Power lost 1.5 million euros ($2.04 million) by paying out to those who had gambled on Woods after just 36 holes of last year's U.S. PGA Championship, which the world No.1 eventually lost to South Korea's Yang Yong-eun.