"As Woods and his advisors already know, their biggest victory in Dubai was sealed on August 22, 2008."
/Shane McGinley follows up on his early week exclusive report with a longer narrative revealing the same facts related to Tiger's contract with Dubai developer Tatweer. The numbers and timing remain staggering, perhaps a tribute to (A) Tiger's miraculous 2008 U.S. Open win and (B) the inability of Tatweer executives to notice that summer's warning signs of the real estate bubble bursting.
Woods’ original deal with Tatweer is understood to have been for a cash payment upfront, a ten percent equity stake in the project, a 16,500 sq ft villa and royalties on residential sales.
But by August 2008, Woods and his advisors had other plans.
On Friday August 22, 2008, Woods signed a new deal with Tatweer. Headed “Amendment to Golf Course Design and License Agreement”, it contained fifteen clauses that were added to supersede the original contract. Instead of having the potential to earn millions of dollars, Woods was given a guarantee for $55,416,667, to be paid within ten days of signing the contract.
The new deal states: “Owner (Tatweer) shall pay ETW the sum of $70m as a promotional fee.” It then breaks down the payments, stating:
“$26,250,000 which has already been paid by the owner and received by ETW”
“$29,166,667, which will be paid to ETW by the Owner within ten days of the full execution by both parties of this Amendment”
“$14,583,333, which will be paid to ETW by the Owner within ten days after Wood’s appearance at the Official Opening.”