As reported on the Advertising Age blog, the long term relationship between Buick and Tiger Woods is ending. If there was any doubt the financial crisis in the US has rippling effects throughout the entire economy, this helps put that to rest. Tiger's out about $8 million a year -- but I'm sure this top golfer will have no problem replacing that income.
"The troubled automaker said last week it is ending its nine-year deal with Mr. Woods a year early. GM's $8 million-a-year deal will conclude Dec. 31 instead of in 2009, as it tries to save every penny it can while lobbying the federal government for $25 billion to bail out the Big Three Detroit car companies."
The post goes on to say: "But David Carter, principal of the Los Angeles-based Sports Business Group and a sports marketing professor at the University of Southern California, said current market conditions for the car companies certainly played a role in the decision. "This is probably some combination of prior planning and the need now to not just appear as though you're belt-tightening, but to send a concrete message on how and where you're cutting back," Mr. Carter said."
Read the entire post here.
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