Woods’ $50m course failure

TIGER WOODS was paid more than $50m (€36.7m) for work on a golf course development in Dubai that has since been abandoned because of the collapse in the property market in the Middle East tourist resort.

The world No3 signed an agreement with Tatweer, a property developer owned by the Dubai government, on August 22, 2008 guaranteeing him $26,166,177 and another $14,583,333 within 10 days of his appearance at the official opening of the Tiger Woods Dubai – a golf course and “luxury” property development. Woods had already been paid $26.25m in 2006 when he agreed to “design” an 18-hole course. The August 2008 agreement also included a clause guaranteeing the golfer a “one-time fee of $28.8m” if he agreed to design another golf course for the developer.

In exchange for the additional fees Woods agreed to give up his right to own a property on the development. So far he has