An Middle Eastern business magazine says they have seen documents showing that Tiger Woods was paid $55.4 million to promote a Dubai golf resort that will likely never be built.Arabian Business, based in the United Arab Emirates, claims that a contract between Woods and a UAE developer called for Woods to be paid $26.5 million in 2006, to promote the Tiger Woods Dubai, a planned resort that would included a golf course, shopping, luxury villas and mansions.
In August 2008, they signed an amendment that included another $29 million upfront payment, plus another $14 million to paid upon Woods’ appearance at the grand opening. Three week later, Lehman Brothers collapsed — as has the Dubai real estate market.
All told, the $1 billion project would have paid Woods $98 million in fees (more than his lifetime earnings in prize money through 2008.) Unfortunately, the project was officially suspended last week and may never be revived.
Woods is playing in the Dubai Desert Classic this week and say he hopes to meet with the developers to discuss the future of the project. He wouldn’t comment on whether he actually received the scheduled payments.
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