Tiger Woods' loss of endorsement income cost his management company IMG $4.6 million in fees, according to a confidential document reviewed by CNBC.To read the rest, click here.
The document provides the most comprehensive financial look into the powerful, but private, sports management company in its 50-year history.
IMG, like other agencies, charges its clients between 15 and 20 percent on endorsement deals it secures, so if it lost $4.6 million on Tiger's endorsements, it would mean the golfer himself lost in between $23 million and $30 million in deals last year.
Friday, June 18, 2010
What Tiger Woods' Loss of Endorsement Income Means to his Agents
CNBC's Darren Rovell has a terrific piece looking at what Tiger's loss of endorsement deals has cost his agency, IMG. Unlike commissions on contracts between athletes and teams, which normally carry a 2 to 4% commission, commissions on endorsement deals normally run in the range of 15 to 20 %. Here's an excerpt of Darren's piece: