Nike's Financial Woes Prompt Reshuffling of Athlete Endorsement Deals

Nike is experiencing a significant exodus of top athletes including footballers like Harry Kane and Cristiano Ronaldo switching to other brands. The sportswear giant announced the need to save $2 billion over the next three years due to poor sales leading to job cuts and streamlining operations. Kane shifted from Nike to Skechers while Manchester United’s Diogo Dalot moved to Puma.

Manchester City players like Jack Grealish also transitioned to Puma. Nike continues to focus on reliable endorsers like Ronaldo, Kylian Mbappe and Marcus Rashford as well as its commitment to the women’s game with athletes like Sam Kerr and Alexia Putellas. The company’s ending of a long-standing partnership with Tiger Woods and the departure of other high profile athletes signal a shift in brand dynamics.