Tiger Woods to back MusclePharm
Tiger Woods signed an endorsement deal on Wednesday with sports supplement and nutrition brand MusclePharm.
The brand will appear on Woods' bag when the golfer, who hasn't played a competitive round in more than three months due to injury, returns to the course.
"MusclePharm is a company that has always been about athletes, and Tiger was one of the first pure athletes to come into the pro game," his agent, Mark Steinberg, said. "Now all the golfers are athletes."
Steinberg said the brand will use Woods to appeal to a new demographic with him scheduled to appear in ads for the company.
Shares of the publicly traded MusclePharm jumped nearly 10 percent in the first hour of trading on Wednesday after news of the announcement.
But the biggest boost for the brand could come if Woods uses the company's product while the eyes of the world are on him.
Steinberg said he and Woods will work with the brand to make Tiger-specific products "and if we do that, we're not going to hide them."
The company's product line includes protein powder, creatine, and fish oils, among others.
The deal replaces Fuse Science, which was also on Tiger's bag. Despite Woods' endorsement, the company had trouble bringing its energy rub and droplets to mass retail. For the first three months of this year, Fuse reported it only had $50,000 in gross sales and that it needed $3.5 to $5 million to continue its plans.
Steinberg reiterated that it is not clear when Woods will return to the course, but he is getting better since he had surgery for a pinched nerve in his back.