This post is part of our feature on Money Losers of 2008. See all 20.
When Nike (NYSE: NKE) signed then 15-year-old teenage golf phenom Michelle Wie to an endorsement contract, it and the rest of the golf world envisioned her bringing to women's golf the kind of attention and money that Tiger Woods has brought to the men's game. When she won her first (and only) tournament, her combination of a powerful swing and camera-loving beauty confirmed she was destined for stardom.
And she did succeed -- in gaining endorsement and appearance money, at least. In 2007 alone, she raked in an estimated $19 million, making her number four on the Forbes list of "Top 20 Earners under 25." The only fly in the ointment was that, as her income skyrocketed, her golf game tanked.
Perhaps she was struggling under too-high expectations. As a 16-year-old, she played in the Men's Tour's Sony Open, missing the cut by only four strokes, but generating incredible press coverage. By the end of 2006, however, she was routinely missing the cut by many strokes in each tournament she entered.
In 2007 her poor play continued, and she began to complain of wrist problems. Whatever the cause, her score continued to climb.
This year, Wie, who had entered Stanford University, dropped out of school to concentrate on her golf. However, her play did not improve, and the press increasingly criticized her clothing choices (overly daring to the traditionalist) and her turnover in caddies (nine and counting).
Not having won a tour since she was 13, the now 19-year-old Wie may have jumped the shark this year in the minds of the endorsement world. And having failed to earn enough winnings to automatically qualify for the LPGA, she was forced to take the usual route, through qualifying school, just to earn her card for the 2009 tour.
I don't expect that Wie will be offered anything like the $700,000 in appearance money she was once paid to appear in the Asian Tour SK Telecom Open. In a sport when you drive for show and putt for dough, she'll need to sink a lot of putts before sponsors and their dollars again come knocking at her door.
Be sure to check out more Money Losers of 2008.
New Facebook share structure hints at IPO
Before the bell: Futures higher ahead of housing, jobless data
Nuclear power is on the comeback trail
