Even Tiger Woods is hit by recession!

GM ends Tiger Woods deal

DETROIT (Michigan) - BELEAGURED US automaker General Motors, facing desperate times in a troubled economy, has ended its endorsement deal with 14-time major golf champion Tiger Woods, the firm announced on Monday.

The sponsorship contract, believed to pay Woods US$7 million (S$10.6 million) a year, was due to expire at the end of 2009 but instead will conclude at the end of the year under mutual agreement between GM and the global golf star.

GM has sought US$25 billion in loans from the US government to avoid a shutdown that would cost thousands of jobs at its factories and related auto part manufacturing plants.

Woods has been featured in advertisements for GM products worldwide, notably the Buick automobile brand in China, Canada and the United States, and has played in many US PGA Tour events sponsored by the auto brand.

The decision comes as US car manufacturers face huge financial losses and budget shortfalls while Woods is on a layoff following left knee surgery after his triumph in June's US Open at Torrey Pines.

While the car company looks to save money, Woods seeks more personal time with his wife Elin due to give birth to their second child in 'late winter'.

'I am very proud of the long standing partnership I've had with GM and have enjoyed being a part of the company's dramatic product evolution. We've had a lot of fun together,' Woods said in a statement.

'We've had a lot of fun together, and I participated in some unique and rewarding activities. We've enjoyed a tremendous partnership over the years, and we will maintain strong ties with the many people at GM we call friends.'

GM officials say the ending of the deal is unrelated to the automaker's request for US$25 billion in loans from the federal government.

'Tiger has been a great friend to GM and a fantastic asset through the years,' said GM vice-president Mark LaNeve.

'This decision is the result of discussions that started earlier in the year and the timing of this agreement with these other activities is purely coincidental.'

Woods, who needs four more major titles to match Jack Nicklaus atop the all-time list, is not certain when he will return to action after missing the past six months to let a knee heal.

A likely contender for Woods' comeback tournament is Torrey Pines, where he won in a playoff last June while limping to the finish.

The Southern California course will host the US PGA Buick Invitational next February and Woods has won his past five starts there.

Woods said last month he was 'very confident' in playing at next April's Masters, the next major golf championship. He has won the event four times.

Woods has carried the Buick brand on his golf bag since 1999. The only other sponsor logo seen around his clubs since he turned professional in 1996 has been that of another major sponsor, Titleist. -- AFP