Tiger Woods, second on the all-time list of major pro golf championship wins (14), will be opening a $8 million high-end restaurant in Jupiter, Fla. However, Woods' full name cannot appear in the name of the restaurant because, based on his Nike deal, he lost the rights to use "Tiger Woods" in other business ventures.
The official name of the restaurant is The Woods Jupiter: Sports and Dinging Club. Last week Woods was spotted showing off the restaurant to another Nike superstar, six-time NBA champion Michael Jordan.
The restaurant is Woods' first major entrepreneurial investment. Woods lives a few miles from his newest business venue, so he will have more control than in previous business deals-except for the restaurant's name.
The complete name "Tiger Woods" was not an option for the restaurant's name, because Nike possesses the official rights "to use the name Tiger Woods," according to Golf. Woods must also receive permission from Nike to use his name for basic official functions such as press releases.
Ditto is true for the developer of Woods' new Jupiter restaurant, Nicholas Mastroianni. He must get permission from Woods's business staff before mentioning the golf star's name for similar purposes.
However, Mastroianni is honored to be working with Woods. He noted that Woods' presence at the restaurant "validates" the restaurant's construction. It justifies the work they have done, and their reason for doing it.
In all fairness, few of Nike's sports stars have the same name recognition and net worth as Woods. However, some experts are curious about his reasons for officially agreeing to such strict conditions that the footwear and apparel giant has set, according to The Post Game.
Apparently the proverbial "What's in a name?" has taken on an entirely new meaning.