By Shane McGinley
More than half of Arabian Business readers say Tiger’s multimillion-dollar contract was a great piece of business
More than half of Arabian Business readers have hailed a deal that saw golfing superstar Tiger Woods net $55.4m for a halted real estate project in Dubai as a great piece of business.
Some 52 percent of 552 readers in an online poll said the former golfing No.1’s contract, which promised him a total of $98.8m – more than half up front – reflected his sharp business acumen.
Just 16% of respondents believed Woods should return the $55.4m he was paid for the now-suspended Tiger Woods Dubai development.
Around 13 percent said he should pay back the extra cash he received as part of his renegotiated contract - $29.2m - while 19 percent said he should just keep all the money.
Arabian Business revealed last week that Woods’ had been promised $98.8m in total to design and promote Tiger Woods Dubai – massively more than the $10m he was thought to have received, and more than the $92.2m he had earned in prize money up to 2008.
Dubai Properties Group (DPG), the company behind Tiger Woods Dubai, last month confirmed that work on the $1.1bn development had halted following the emirate’s real estate crash.
The $1.1bn Tiger Woods Dubai project was initially scheduled to open in September 2009. Original plans for the 55 million sq ft project included 287 luxury villas and mansions, a boutique hotel and a clubhouse.
Villas on the project were – at their peak – sold for between $12m and $23m.
“This decision was based on current market conditions that do not support high-end luxury real estate. These conditions will continue to be monitored and a decision will be made in the future when to restart the project,” the company said in a statement.
Both DPG and Woods' agent declined to comment on the payments made to Woods.
When asked last week whether he had signed an amended contract, Tiger Woods told Arabian Business: “No, I’m not going to talk about that, sorry.”
This clearly shows how deals are done in Dubai.
Woods should return the money, but he won't.
Also, he may never win another major tournament. His â€œbubbleâ€ of invincibility has burst, which was on display at the Omega Dubai Desert Classic that just finished.
For his sake and that of the sport, it would be best if he retired gracefully and left his records intact, as well as the memories of his remaining fans. He probably will not do it, because others feed off him and need his money, but it might be best all around if it happened.
Hi Timothy, why should he return the money? Has he failed to deliver on his part of the contract? Has he broken any law? Has he done anything unethical? Did he force his conditions on the other party by any questionable means?
From what we have seen. I do not think so. Maybe you can give us a more detailed explanation.
As far as I know the payments we not linked ot his future performance, so winning or losing in the future is not relevant to this.
And he has neither direct nor indirect influence on the problems the project is facing, so why should he be penalized?
Typical Dubai when things going in the right direction they invest to attract celebrities and when the tough gets going they ask for their money back. Tiger Woods should not return the money back, rather Dubai Properties should admit their failure and live up to their promises. I put it all down to bad management.