MusclePharm pays to prematurely end endorsement deal with Tiger Woods

Tiger Woods has lost another endorsement deal.

MusclePharm, which signed the golfer two years ago to a deal that entitled the company the right to be on his golf bag, agreed to pay Woods to prematurely end their deal as part of the plan to further trim expenses.

The company disclosed in a filing to the Securities and Exchange Commission on Wednesday that it entered a deal on May 19 with Woods' company, ETW Corp.

The company said in the filing that from July 1, 2014, to March 31, 2016, the company paid Woods $7 million. To settle the deal, the company disclosed it paid an additional $2.5 million.

According to Golf.com, which first reported the story, Woods played a total of 15 tournaments using the bag with the MusclePharm logo.

The initial deal was set to run through June 30, 2018, with an option to extend for another two years. It also included the potential to make products with Woods' name and image on it, which never happened.

Woods' agent Mark Steinberg did not respond to a request for comment.

Earlier in May, MusclePharm terminated its deal with Arnold Schwarzenegger, which it said saved them an additional $22.5 million.

MusclePharm is facing a few lawsuits, including one by Capstone Nutrition, which manufactures MusclePharm's products but says it is owed $62.5 million.

This is the second straight bag deal to have gone south for Woods. Woods teamed up with a company called Fuse Science in 2011, and despite years of appearing on Woods' bag, the company failed to bring a product that it promised to the mass market.

Woods, who turned 40 in December, hasn't played since last August following two back surgeries.