TIGER AND STEINBERG TOO COSTLY A DUO FOR I M G TO KEEP

FROM THE GOLFWEEK WEBSITE

By JEFF RITTER

Tiger Woods' agent, Mark Steinberg, split with IMG last week, and details of the fall-out are slowly trickling out. The latest news describes the revenue IMG lost after several of Woods' big-money sponsors bailed in the aftermath of Tiger's sex scandals. 
Steve Elling of CBS Sports cites a Sports Business Journal report, and concludes that that Tiger-Steinberg duo were simply too pricey for the agency to keep around.

In a scenario that some had posed last week, potentially casting aside Tiger Woods as a client won't exactly take a heavy toll at IMG, the sports-management giant that has represented the fading former No. 1 since he turned pro in 1996.

Woods and his agent apparently were too expensive to keep.

According to a report in Sports Business Journal, the income generated by Woods for IMG had fallen to $1.1 million in 2010, after the sex scandal had hit, and that wasn't nearly enough to offset the contract and annnual bonuses of his longtime agent, Mark Steinberg.

Steinberg's contract was up for renewal and last week, but IMG severed ties rather than renew.

IMG agreed to a reduced percentage with Woods on his endorsement earnings, and as his deals disappeared in the wake of his scandal and lacklustre play, the income dollars dwindled. 

The source cited in the SBJ report stated that IMG cleared $7.8 million on Woods' endorsement earnings in 2007 but that the number cratered after the scandals hit and he lost rich deals with Gatorade, AT and T, Accenture and others.

The source told SBJ that Steinberg "would have made about $3 million this year in salary and bonuses, significantly more than the fees Woods would have generated."

Woods still hasn't commented on whether he will remain with Steinberg