Money Matters, Simplified.
Tiger Woods takes leave from golf
by Ishita Sood - December 12, 2009 - comments
New York, December 12 -- Tiger Woods’ decision to withdraw from professional golf has come as a big shock, rendering many speechless and raising questions about his golfing career.
Woods, married to Swedish model Elin Nordegren, has been the topic of gossip and conspiracy ever since his car crashed Nov. 27.
There has been a lot of buzz related to his infidelity with as many as thirteen women claiming having had an affair with him.
Woods, finally admitting his "infidelity" in a statement on his website, took an indefinite leave from his golfing career, “After much soul searching I've decided to take an indefinite break from professional golf. I need to focus my attention on being a better husband, father and person.”
Extended leave from career
After admitting to his fault on his Friday, he said, “I am deeply aware of the disappointment and hurt that my infidelity has caused to so many people, most of all my wife and children.”
“I want to say again to everyone that I am profoundly sorry and that I ask forgiveness. It may not be possible to repair the damage I’ve done, but I want to do my best to try,” he added.
It is not yet sure when Woods will be back; for the Torrey Pines in San Diego Open, or for the Masters in April.
Endorsements with various companies
Woods, 33, the world’s most marketable athlete, is the first star to cross a $1 billion mark from endorsements. His value is surely diminishing since he announced an extended leave from golf.
Woods has endorsements with corporate mammoths like AT&T, Procter & Gamble, Nike, Electronic Arts, and TAG Heuer. It is yet not sure whether these companies would continue with Woods as their celebrity endorser.
Some companies maintain that there is no one like Woods, and they would support him throughout this tough time.
Woods is “one of the greatest athletes of his era" and "he and his family have Nike's full support,” said Nike in a statement.
“We support Tiger's decision and our thoughts will be with him and his family. We are presently evaluating our ongoing relationship with him,” said AT&T.
Meanwhile, Swiss maker TAG Heuer ordered stores in Australia to remove posters featuring Woods.
A survey by Argyle Executive Forum concluded that more than 75 percent of marketing professionals wanted to hold back endorsement relationships with him.