Tiger Woods, Elin Nordegren divorce settlement
Reports began surfacing yesterday detailing the divorce settlement between Tiger Woods and Elin Nordegren. The common figure floating around? $750 million dollars in exchange for Elin to walk away quietly. Some even claimed the figure was closer to $800 million. Understandably, the high figure was met with mixed reviews- some claimed justice for his indiscretions, some saw it as undeserved hush money.
Me? I just saw dollar signs. I quickly began playing the ‘what would you do with $750 million dollars’ game. Then I remembered Elin is from Sweden and I’d get screwed in the exchange rate. Stupid details.
Forbes was able to keep a level head about the news and quickly pointed out that the $750 million figure was much too high as the golfer’s total net worth is around $600 million. And now, TMZ reports that Elin will be getting approximately $100 million in the divorce settlement.
Upon learning of the original, $750 million figure, Forbes senior editor Kurt Badenhausen wrote:
We’ve been tracking Tiger’s earnings since he turned pro in 1996. Last year he became the first athlete to earn a cumulative $1 billion through his income from prize money, appearance fees, endorsements and his golf course design business. Nike has been his biggest benefactor paying the world’s top golfer in the neighborhood of $250 million since 1996. The relationship has obviously bolstered Nike as its golf division reported annual sales of $638 million last week. Tiger’s annual earnings in 2010 will be down at least $30 million after sponsors like Accenture, AT&T and Gatorade walked away. He still earned $105 million over the past 12-months and ranks fifth on our recent list of the most powerful celebrities.
Yet those earnings are before the tax man and his agents at IMG took their cut. And if you think Tiger made a killing in the stock market, think again. The S&P 500 is at the same level it was at 12 years ago. By our count Woods is worth $600 million and any divorce settlement is likely to be worth a fraction of current reports.
A fraction you say? Great. This seriously hinders my game playing abilities. Even so, $100 million is not too shabby.
Other reported settlement details state that Elin will have full custody of their two children and that international child custody agreements are being sorted to ensure visitation for Tiger. One particularly bizarre claim is that Tiger must keep his children away from his girlfriends or any other unmarried women that Nordegren does not know.