29 Jun '17, 2pm

According to Nike co-founder Phil Knight, the company lost money on golf equipment for 20 years

According to Nike co-founder Phil Knight, the company lost money on golf equipment for 20 years

Nike's abrupt departure from the golf equipment business last year came as a surprise to many in the industry, but according to the multi-billion-dollar company's co-founder Phil Knight, it was a long time coming. In a wide-ranging interview with Bloomberg Television's David Rubenstein , Knight discussed pursuing Tiger and ultimately signing him to Nike's Tour staff, an endorsement Woods retains to this day. As marketable as Woods was as an athlete, the move into golf equipment was never a profitable one for Knight and Nike. When Rubenstein questioned Knight about Nike's exit from the golf equipment business, Knight responded: "It's a fairly simple equation, that we lost money for 20 years on equipment and balls. We realized next year wasn’t going to be any different." Nike famously exited the golf equipment and balls business last summer, sending Tour pros on contract scr...

Full article: http://www.golf.com/tour-news/2017/06/29/what-tiger-effec...

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