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Nike Signs Rory McIlroy To Lucrative Endorsement Deal

Rory McIlroy of Northern Ireland hits the ball during the final round of the Deutsche Bank Championship at TPC Boston on September 3, 2012 in Norton, Massachusetts.  (Photo by Warren Little/Getty Images)

Rory McIlroy of Northern Ireland hits the ball during the final round of the Deutsche Bank Championship at TPC Boston on September 3, 2012 in Norton, Massachusetts. (Photo by Warren Little/Getty Images)

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(CBS) Move over Tiger Woods, the world’s new No. 1 golfer has now joined the Nike ranks.

At the Fairmont Hotel in Abu Dhabi today, Nike introduced Rory McIlroy as the newest member of its family.

“I’ve always associated Nike with the best,” McIlroy said at the announcement. “Growing up, whether it was golf, tennis, football, the best athletes were with Nike. I’ve watched Tiger Woods make history with Nike, and Roger Federer, and Rafael Nadal. Now I want to create my own history with Nike.

Though terms of the deal were not disclosed, one report suggested the deal is for 10 years and worth between $200-250 million.

If the deal is in fact worth $250 million, it would be the most lucrative endorsement ever negotiated in golf.

The 23-year-old McIlroy is a two-time major champion.