Tiger Woods explains why he parted ways with Nike after a 27-year partnership

Golf legend Tiger Woods has paid tribute to Nike after confirming that he is splitting with the sportswear giant after 27 years as a sponsor.

The 48-year-old joined forces with the brand when he was an up-and-coming amateur golfer at 21. What followed between the 1990s and 2000s was a period of domination never seen in golf before.

Having won the Masters five times in his career, Woods also won the PGA Championship four times and the US Open on three occasions, in addition to clinching the Open thrice in his career between 2001 and 2006.

He became synonymous with the famous Nike 'swoosh' that was displayed on his red polo shirt and his lucrative deal reportedly reached a value of around $ 500 million.

Woods paid tribute to former Nike CEO Phil Knight in particular, calling it a 'pleasure' working with him, as well as the brand itself for "amazing moments and memories".

"Over 27 years ago, I was fortunate enough to start a partnership with one of the most iconic brands in the world," his statement read.

"The days since have been filled with so many amazing moments and memories. Phil Knight's passion and vision brought this Nike and Nike Golf partnership together and I want to thank him, along with the other Nike employees and incredible athletes I have had the pleasure of working with along the way.

"People will ask if there is another chapter. Yes, there will certainly be another chapter."

Nike made its own social media post confirming the news, posting a tribute to the legendary golfer: "It was a hell of a round, Tiger."

Woods' full-time golfing career was effectively brought to an end when he was hospitalized in a serious but stable condition after a single-car collision.

After suffering multiple injuries, he required emergency surgery to repair compound fractures sustained in his right leg in addition to a shattered ankle.