There’s an interesting article in this morning’s Guardian about Tiger Woods’ association with Dubaian property development firm Tatweer and the indefinitely postponed Tiger Woods Dubai resort. According to a feature in Arabian Business magazine, Woods’ association with the project has to date cost Tatweer in excess of $55.4m.
Woods initially signed a deal worth $26.25m with Tatweer in June 2006, but expanded that initial contract two months later with a deal potentially worth $70m. This new agreement also included a clause offering Tiger a ‘one-time fee’ of $28.8m should he commit to design a second golf course at the resort, thereby stetching the potential value of his association with the property developer to nearly $100m.
Most of this seems to be a moot point, however, as Tatweer, now largely subsumed by the Dubai Properties Group, confirmed this week that the development has been postponed indefinitely.
If only WUP had a ‘Fools and Their Money’ tag for news stories.