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Woods signs third multiyear deal with Nike Golf

In 1996, Tiger Woods announced that he was turning professional with two simple words: "Hello world."

Ten years later, Woods has signed a third multiyear agreement with the company, according to Nike Golf public relations manager Beth Gast.

"We were not really in the golf business," Woods said on Tuesday. "Now we are a leader in the golf industry. ... Going from basically a person who was just happy to be a part of the Nike company to helping out as much as I can, it's two totally different roles."

As per company policy, terms of the contract were not released. Woods' original contract with Nike was for a reported five years, $40 million. In 2001, he signed another five-year deal, for a reported $100 million.

"We're obviously delighted to be renewing our relationship with Tiger," Nike Golf president Bob Wood said. "Nike is lucky to have the kind of partnership with Tiger that goes beyond a simple endorsement. He has really helped Nike Golf grow over the years through his involvement in product development, whether it is clubs, balls, apparel or footwear. In the future, we see Tiger playing a key role in continuing the strong momentum Nike Golf now has both inside and outside the USA."

The notion of global appeal certainly isn't foreign to Woods, who through 54 PGA Tour titles and 12 major championships has reached worldwide acclaim as the most recognizable athlete on the planet.

Woods' original "Hello world" slogan became the basis for a large-scale marketing campaign as upstart Nike Golf unveiled the 20-year-old prodigy to a new generation of golf enthusiasts. His union with Nike Golf is one that preceded his relationship with caddie Steve Williams, instructor Hank Haney, or even wife Elin.

He is expected to be named PGA Tour Player of the Year on Tuesday, following an eight-win 2006 season.

Jason Sobel is ESPN.com's golf editor. He can be reached at Jason.Sobel@espn3.com.