As Tiger Woods is set to participate in the competitive golf at the Hero World Challenge in Bahama this week, he obtains a sponsorship from Monster Energy, an energy drink company that will feature a logo on his bag, according to ESPN. Woods, who will turn 41 in December, has not played competitive golf since August 2015 due to back injuries.

Monster Energy is placed at the second best market share following the energy drink contestant Red Bull. The soft drink industry Coca-Cola holds a 16.7 percent ownership stake in Monster Energy.

Wood formerly had an endorsement contract with Gatorade, a sports-themed beverage brand that is owned by Coke's rival PepsiCo.

Throughout his career, Monster Energy becomes the seventh brand to install the company's logo on the 14-time major winner's bag. The companies, which formerly established a logo on his bag, incorporated Nike, AT&T, Buick, Fuse Science, Titleist, and MusclePharm.

Several companies cut Woods' endorsement deal

SEC filings documented in 2014 that MusclePharm owed the 14-time major winner $7 million, but the company reached an agreement that would compensate him supplementary $2.5 million to cease an endorsement deal, which runs through June 2018, with the ultimate goal to cut down the company's expenses.

As a sponsor of MusclePharm, Woods carried a bag with the logo of the performance lifestyle company while participating in a total of 15 golf tournaments. A sponsorship deal that he concurred to sign would enable him to own the company product line with his name and image, but it never took place.

As Nike's golf finalized the fiscal year with $706 million in revenue, which made it the worst year for the company since 2011, the sports maker terminated the golf equipment business. Since the golf equipment is no longer in production, Woods has been actively experimenting new equipment from other brands.

Woods still has a deal with Nike, but it remains unclear whether propelling the golf equipment out of business impacted the Nike golfer's contract with the company.

Woods' endorsement earnings

Woods has been well known as one of the world's most marketable athletes. In addition to his new deal with Monster Energy, Woods currently has a sponsorship contract with the brands, including Nike, Hero, Kowa, Upper Deck, and Rolex. He generates approximately $50 million in on-and-off-course earnings.

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