Tiger Woods, who has worn Nike apparel since first signing with the company in 1996, might be ending his partnership with Nike (NKE). There's talk that On Holding AG (NYSE:ONON) could be his new sponsor, and they might even give him a piece of the company, like they did with tennis star Roger Federer.

Tiger Woods' Nike Farewell Sets Golfing World Abuzz

People started talking about Tiger leaving Nike late last year, and now it seems more likely. This would be a big deal because Tiger won all 15 of his big golf tournaments wearing Nike gear, especially that famous red shirt on Sundays.

The No Laying Up podcast added to the rumors, suggesting a major existing golf equipment manufacturer is potentially creating an apparel brand. Nike still sponsors other top golfers like Rory McIlroy, Brooks Koepka, and Scottie Scheffler.

The stock market reacted quickly. On Holding (ONON) went up by 3.77% in last five days, while Nike (NKE) fell down by 2.82% in last five days. Over the past year, On Holding's stock went up by 65%, but Nike's dropped by about 18%.

If this change happens, it'll be a big shift from Tiger's long partnership with Nike, where he had multiple deals, including a 10-year one in 2013 worth $200 million. Tiger, who's been with Nike since 1996, officially said goodbye on social media.

"Over 27 years ago, I was fortunate to start a partnership with one of the most iconic brands in the world," Woods wrote on X, formerly Twitter. "The days since have been filled with so many amazing moments and memories, if I started naming them, I could go on forever."

"Phil Knight's passion and vision brought this Nike and Nike Golf partnership together, and I want to personally thank him, along with the 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 be certainly be another chapter. See you in LA!”