After 27 years, Tiger Woods ends his partnership with Nike.

• Tiger Woods' longtime agent, Mark Steinberg, revealed to CNBC that the golfer made a business decision not to renew his contract with Nike.
• Woods and Nike have been partners for 27 years.
• It’s not clear where Woods’ next sponsorship home will be.

Tiger Woods has ended his 27-year partnership with X. The superstar golfer made the announcement in a statement on social media Monday.

"I want to personally thank Phil Knight, Nike employees, and the incredible athletes I have had the pleasure of working with for bringing the Nike and Nike Golf partnership together," Woods wrote.

Mark Steinberg, Woods' longtime agent, revealed to CNBC that the golfer opted not to renew his contract with Nike.

After months of speculation, Nike confirmed the breakup of Woods and his partner with a picture of Woods in his red polo on Instagram, captioning it, "It was a hell of a run."

The company has been partnering with Tiger Woods for over 27 years, during which time they have witnessed his greatness and impact on the world of golf. They have seen him break barriers and inspire generations of people. The company is grateful for their partnership with Tiger and wishes him the best in the future.

Woods hasn't announced any plans for future endorsement deals, but he stated on social media, "There will definitely be another chapter."

Speculation about Woods' next chapter suggests a possible collaboration with On Running, the brand that Federer joined in 2019 after leaving Nike.

Marc Maurer, co-CEO of On Running, spoke at the ICR Conference in Orlando on Monday about the rumors surrounding Tiger Woods' potential partnership with the company. "We've heard the rumors, so it's always intriguing what's out there," he said. "We hope that Tiger finds a great new partner and it's not going to be us."

TaylorMade, the golf club and equipment maker that Woods has been using since 2017, could be a potential landing spot for the 15-time major winner. However, on Monday, TaylorMade stated that their relationship is solely for equipment and have no further comment on the matter.

Months of rumors about Woods' departure have not led analysts to expect a significant impact from the news.

According to Brian Yarbrough, a Nike analyst at Edward Jones, we anticipate that the company will maintain endorsements with top athletes worldwide in the near future.

For years, Nike has gradually reduced its involvement in golf because it wasn't generating significant revenue for the brand. In 2016, the company announced that it would discontinue the production of golf equipment altogether.

Over his career, Woods significantly exposed the Nike brand and made a reported $500 million from "the swoosh."

According to Eric Smallwood, founder of Apex Marketing, Nike can expect to receive between $2 million to $4 million in exposure when Woods completes four rounds.

At the 2023 Masters, Woods exchanged his Nikes for FootJoy shoes, providing the brand with $3.2 million in exposure.

Golfers have a longer lifespan than basketball players, Smallwood said, making golf more beneficial for Nike's exposure.