When news broke a few weeks ago that Tiger Woods had signed an endorsement deal to hawk a heat rub in Japan, it was hard not to think of "Lost in Translation," or of the "Entourage" episode when Vincent Chase goes to China to do an energy drink commercial because he's out of money.
Although Woods was likely paid in the single-digit millions for the spot -- in which he takes a swing, rubs his back, and says, "Go Vantelin!" -- it's a far cry from campaigns for PepsiCo (NYSE: PEP - News), Gillette, and Accenture (NYSE: ACN - News). The last time Woods showed up in Japanese TV ads was in 1997, when he promoted Asahi Wonda coffee, back before he became a phenomenon. So the deal with Kowa (maker of the rub) seems more like a moment of desperation than a return to form.
It's no secret that Woods, once king of the sports world, has suffered financially since his fall from grace. His endorsement list shrank and his marriage ended in a divorce settlement reportedly worth $100 million. But now he may actually be hurting for funds. At the very least, there are signs that he isn't generating enough to comfortably cover his costs.
Earlier this week, the golfer's agent, Mark Steinberg, announced he would be joining the agency Excel Sports. Although that means Excel gets Woods too, the icon was conspicuously absent from the announcement. Steinberg left IMG at the end of May. It took two weeks, but on June 7, Woods announced via Twitter that he would be leaving with Steinberg.
IMG declined to comment on the details of Steinberg's departure, or on Tiger Woods, but a trusted Fortune source with reliable information tells us that IMG was none too broken up about losing Woods, because his endorsement earnings have fallen so dramatically. The source says IMG's commissions for 2011 -- they'll continue to get a chunk of Tiger's endorsement deals through 2013 -- will be as low as $1.5 million.
The word is from the King High Alumni that Tiger Woods may have secretly attended King High School and later dropped out and got his GED./ The word is that he tried out for the Tennis Team and Wrestling and only made the JV squad for wrestling. He really was struggling.
From the Lion's Den with Eddie Cambas.
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