Even When He looses Tiger Makes Money

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BC Golf News 

August 7, 2013 (ISN) – Not a grain of sand was moved for the Al-Ruwaya Golf Club since 2009, and construction was officially halted in 2010. Yet for his trouble Tiger Woods still pocketed a staggering $55.4 million. It’s reported Tiger was to receive an additional $14.6 million when the course opened.

And that’s not all.

Arabian Business.com reports that Dubai Holding has confirmed it has “dissolved” its partnership with Tiger Woods. The branded golf resort, for which the World No.1 golfer was paid $55.4m to design and promote, has been permanently scrapped.

Back in January 2010 Dubai Properties Group, a unit of Dubai Holding, announced it had suspended work on the luxury Tiger Woods Dubai golf course and residential units but said it would “continue to be monitored and a decision will be made in the future when to restart the project.”

As some initial work had begun on the site before it was suspended in 2010, the developer said it is currently reviewing its options on how best to develop the site and a new project, which will have no association with Tiger Woods, will be announced in due course.

In February 2011 it was revealed Woods received $55.4m to design and promote the golf resort. Under a revised contract drawn up in 2008 between Woods’ company ETW (Eldrick Tiger Woods) and Dubai developer Tatweer, which is now part of Dubai Holding, the golfer was paid $26.25m upfront and an additional $29,166,667 ten days after signing the contract.

As part of the deal, Woods was to be paid $14,583,333 when the finished resort was officially opened and had agreed to a fee of $28.8m to put his name to a second branded golf resort developed by Tatweer.

The $1.1bn Tiger Woods Dubai project was announced in 2006 and originally scheduled to open in September 2009. Original plans for the 55 million square foot project included 287 luxury villas and mansions, a boutique hotel and a clubhouse.

The details were first revealed in an article by Shane McGinley in Arabian Business News titled ‘Money For Nothing’. (Photo courtesy of BC Golf News)

www.arabianbusiness.com/money-for-nothing-379844.html 

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