52% of readers back Woods over $55.4m Dubai deal

By Shane McGinley  www.arabianbusiness.com

More than half of Arabian Business readers have hailed a deal that saw golfing superstar Tiger Woods net $55.4m for a halted real estate project in Dubai as a great piece of business.

Tiger Woods Dubai

Some 52 percent of 552 readers in an online poll said the former golfing No.1’s contract, which promised him a total of $98.8m – more than half up front – reflected his sharp business acumen.

Just 16% of respondents believed Woods should return the $55.4m he was paid for the now-suspended Tiger Woods Dubai development.

Around 13 percent said he should pay back the extra cash he received as part of his renegotiated contract – $29.2m – while 19 percent said he should just keep all the money.

Arabian Business revealed last week that Woods’ had been promised $98.8m in total to design and promote Tiger Woods Dubai – massively more than the $10m he was thought to have received, and more than the $92.2m he had earned in prize money up to 2008.

Dubai Properties Group (DPG), the company behind Tiger Woods Dubai, last month confirmed that work on the $1.1bn development had halted following the emirate’s real estate crash.

The $1.1bn Tiger Woods Dubai project was initially scheduled to open in September 2009. Original plans for the 55 million sq ft project included 287 luxury villas and mansions, a boutique hotel and a clubhouse.

Villas on the project were – at their peak – sold for between $12m and $23m.

“This decision was based on current market conditions that do not support high-end luxury real estate. These conditions will continue to be monitored and a decision will be made in the future when to restart the project,” the company said in a statement.

Both DPG and Woods’ agent declined to comment on the payments made to Woods.

When asked last week whether he had signed an amended contract, Tiger Woods told Arabian Business: “No, I’m not going to talk about that, sorry.”