Reuters - Fri, 05 Mar 15:14:00 2010
Tiger Woods has turned down a £50 million sponsorship offer from Paddy Power, but the Irish bookmaker has said it will make an improved offer to the golfer.
The 14-times Major champion winner was dumped by sports drink brand Gatorade last week, the third major corporate sponsor to abandon the American since details of his adulterous affairs surfaced late last year.
The Dublin-based company said its initial offer to Woods, who was estimated to have earned $100 million (£66m) annually in endorsement deals before taking an indefinite break from golf in December, covered a five-year period.
Woods did not set a date for his return to competition when he spoke to media last month for the first time since the scandal over his private life erupted.
Paddy Power lost £1.35m by paying out after just 36 holes to those who had gambled on Woods to win last year's US PGA Championship. The world number one, who had a commanding lead when the bookmaker paid out, eventually lost to South Korea's YE Yang.