General Motors Corp, which has warned that it will run short of cash early next year without support, and popular professional golfer Tiger Woods said on Monday that they would end their endorsement deal at the end of the year.
...."In light of the news coming out of Washington, 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," Mark LaNeve, GM's North American vice president of sales, said in a statement.
The Detroit automaker, which spends heavily in golf, has been slashing marketing costs across all venues, previously disclosing reduced spending on motorsports, as well as eliminating television ads next year during such events as the Oscars and Emmy award shows and the National Football League's Super Bowl championship game.
Terms of the arrangement were not disclosed although GM spokesman Pete Ternes said it ends the automaker's five-year deal with Woods a year early. Woods will continue to drive Buick vehicles through 2009.