Tiger on par to be first billionaire athlete
Jet, July 28, 2008
Tiger Woods is on pace to become the first billionaire athlete, according to Forbes Magazine.
The world's No. 1 golfer, who is not playing again this season after undergoing knee surgery (JET, July 7), is on course to exceed $1 billion in career earnings by 2010 after earning $115 million in 2007, the magazine reported.
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The calculation was based on Woods' estimated earnings in the annual rich list dating back to 1996, when he turned pro, and also credited him with annualized investment returns of 8 percent.
"Based on those criteria, we project Tiger Woods should join our list of the world's billionaires in 2011," said the magazine, who publishes an annual list of the world's richest people. "It will be an unprecedented occurrence."
The magazine said there are plenty of billionaires who have excelled at sports, but no billionaires who have accumulated their fortune by playing sports.
With 14 major championships and 50 PGA Tour tournament victories, Woods, 32, has been a sports marketing phenomenon. However, prize money only accounts for about a tenth of his earnings with the rest coming from lucrative endorsement deals.
--Forbes
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