Athletes can earn millions of dollars in endorsements, but those deals can disappear — quickly — if a brand decides that its superstar may no longer be good for its image. That could eventually turn into a problem for Phil Mickelson, a golfer under investigation for possible insider trading.
On Friday, The New York Times and The Wall Street Journal reported that Mickelson, billionaire investor Carl C. Icahn and gambler William T. Walters were under investigation by the FBI. All three have denied wrongdoing.
Mickelson has a number of endorsement deals, including with Barclays, KPMG and Callaway Golf. But experts doubt any of the brands will cut ties with him just yet.