GM, Tiger Part Ways

Struggling automaker General Motors is seeking money from the United States government (which means American taxpayers) and seeking to cut costs. It is eliminating jobs and trimming investments in marketing and advertising.

One such investment has been Tiger Woods, who for nine years has been a high-profile endorser of Buick automobiles, one of the GM brands. But not for much longer. Reuters reports:

The Detroit automaker, which spends heavily in golf, has been slashing marketing costs across all venues, previously disclosing reduced spending on motorsports, as well as eliminating television ads next year during such events as the Oscars and Emmy award shows and the National Football League's Super Bowl championship game.

Terms of the arrangement were not disclosed although GM spokesman Pete Ternes said it ends the automaker's five-year deal with Woods a year early.

GM is the title sponsor of two PGA Tour events - the Buick Open and the Buick Invitational - and its deals with those tournaments run through 2010. Assuming, of course, that GM manages to stay in business that long.

Another struggling automaker asking for government help is Chrysler, which is the title sponsor of the Bob Hope Chrysler Classic. No word on Chrysler's outlook vis-a-vis sports sponsorships at the moment. The LPGA and Champions tours have no tournaments whose title sponsors are American car companies.

So factory workers are losing jobs and Tiger Woods is losing an endorsement deal. Has GM management no heart? Tiger needs that money! Dang it, he has another baby on the way! That's one more mouth to feed.

Before laying off any more workers - or asking again for taxpayer money - perhaps GM should ask some its multimillionaire managers to take pay cuts and forego bonuses. Or at least sell off its corporate jets and start flying coach.

More from Bloomberg