Tiger Woods and Dubai Holding have officially parted ways and ArabianBusiness.com reported that the world No. 1 will no longer have anything to do with an opulent golf course the Middle Eastern developer intends to build on the site of Woods’ partially constructed venture.
Woods, whose design firm has yet to finish a course, halted work in Dubai in the midst of the economic downturn. Dubai Holding reportedly paid Woods $55.4 million to design and market the Tiger-branded course and said after suspending construction that it would decide “in the future when to restart the project,” according to the publication.
As recently as Monday, the undertaking was still on the back burner.
“On Tiger Woods, the project was suspended in 2011, we will review our options in line with market demand,” a Dubai Holding spokesperson told Emirates 24|7.
Whatever the future of the deluxe resort may be, Woods will have nothing to do with it, despite the $26.25 million ArabianNews.com said Woods received in 2008 when his design firm signed a contract with the developer and the $29.2 million he got 10 days after inking the pact. The golfer would also have pocketed $14.6 million upon the opening of the resort and another $28.8 million for a second signature golf resort that the two companies were to build.
The $1.1 billion deal, announced in 2006, was to include 287 palatial residential units, a boutique hotel, and clubhouse on 55 million square feet, according to reports. The 7,800-yard, par-72 course was slated to open in 2009.