Tiger Woods put himself back into contention to win the Dubai Desert Classic. But while in Dubai news broke of a business venture that paid Woods $55 million to promote a golf course that doesn’t exist.
A United Arab Emirates business magazine says Tiger Woods received $55.4 million from a developer to promote a local golf resort that has yet to be built.
According to the report Woods was scheduled to receive $26.5 million in 2006. In August 2008, according to the report, the contract was modified to include a $29 million upfront payment, plus another $14 million to paid upon Woods’ appearance at the grand opening.
Shortly after the contract was modified the Dubai real estate market collapsed along with the proposed project.
Arabian Business reported Thursday that it has seen documents confirming Woods received the payments to promote the $1 billion project, with the course at the centerpiece of a complex of 100 villas, 75 mansions and 22 palaces.
Woods refused to comment Wednesday on the contract he signed with the course developer, part of a conglomerate controlled by Dubai’s debt-squeezed ruler. But he said he hoped to meet with developers to discuss reviving the project while he is in Dubai.
Copyright 2010 by STATS LLC and The Associated Press. STATS LLC and The Associated Press contributed to this article. Any commercial use or distribution without the express written consent of STATS LLC and The Associated Press is strictly prohibited.