Anyone who thought Tiger Woods was in any sort of financial trouble can now rest soundly knowing he is not. Woods reportedly received $55.4 million from Tatweer, a UAE developer, as part of a deal to promote a resort with his name on it.
Tiger Woods Was Paid $55.4 Million For Failed Dubai Golf Course, According To Report
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Tiger Woods Dubai, which planned to open September 2009, halted construction last week due to “current market conditions.” Arabian Business, which viewed the terms of the agreements (documents which were never made public), said that Woods received the money just 24 days before Lehman Brothers collapsed in 2008.
Woods first acquired a payment of $26.5 million when the contract was signed, June 20, 2006. However, an “Amendment to Golf Course Design and License Agreement” stated that Tiger would be paid “the sum of $70 million as a promotional fee.”
As a part of the agreement, it is also said that if Woods were to develop a second course, he would receive a “one time fee of $28 million.”
Woods is in Dubai this week competing in the Omega Dubai Desert Classic, seeking his first win since November 2009.
Woods was asked on Wednesday if he had signed any type of amended contract.
“No, I’m not going to talk about that, sorry,” said Woods.
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