Sponsors still standing by Tiger Woods

By David Goldman, CNNMoney.com staff writer


NEW YORK (CNNMoney.com) -- Nike, Gatorade, Gillette and other sponsors said on Wednesday that they will continue their relationships with Tiger Woods, despite new reports of Woods' alleged affair and the golfer's admissions of "personal sins" and "transgressions."

"Nike (NKE, Fortune 500) supports Tiger and his family," the company said in a statement. "Our relationship remains unchanged."

301 Moved Permanently

301 Moved Permanently


nginx

"Tiger and his family have our support as they work through this private matter," a Gatorade spokeswoman said. "Our partnership continues."

Gillette reiterated that it has not changed its marketing strategy because of the news, but the company wouldn't comment on any future plans.

EA Sports (ERTS) also said it would continue its sponsorship of Woods: "Our strong relationship with Tiger for more than a decade remains unchanged. We respect Tiger's privacy, we wish him a fast recovery and we look forward to seeing him back on the golf course."

Calls to other major sponsors of the golfing great, including Accenture (ACN) and Tag Heuer, were not immediately returned. AT&T (T, Fortune 500) declined to comment for the story.

On Wednesday, Us Weekly reported Woods has been having an affair with a Los Angeles cocktail waitress for two years.

On his Web site, Woods responded to the allegations by admitting to unidentified "personal failings."

"I have not been true to my values and the behavior my family deserves," said Woods in the statement. "I am not without faults and I am far short of perfect."

The news follows Woods' car crash outside his Windermere, Fla. home last week that grabbed public attention. Also last week, a story in the National Enquirer claimed Woods had been seeing a New York nightclub hostess. The woman denied any affair with Woods, according to the Associated Press.

Woods' endorsers, which have made Tiger Woods the richest athlete in the world, also said on Monday that they were sticking by their spokesman.

In September, Tiger Woods became the first athlete to earn $1 billion in a career, according to Forbes. Though his winnings on the golf course have netted him tens of millions of dollars a year ($23 million in 2007), his endorsements have more than quadrupled his earnings on the PGA tour. Sports Illustrated reported that Woods earned $105 million from sponsorship deals in 2007, his last full season -- more than double any other athlete in the world. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.01%4.03%
15 yr fixed3.12%2.97%
5/1 ARM3.11%2.99%
30 yr refi4.04%4.09%
15 yr refi3.15%3.05%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Index Last Change % Change
Dow 17,804.80 26.65 0.15%
Nasdaq 4,765.38 16.98 0.36%
S&P 500 2,070.65 9.42 0.46%
Treasuries 2.18 0.01 0.41%
Data as of 8:51am ET
Company Price Change % Change
Bank of America Corp... 17.62 0.09 0.51%
Apple Inc 111.78 -0.87 -0.77%
General Electric Co 25.62 0.48 1.91%
Intel Corp 36.37 -0.65 -1.76%
Microsoft Corp 47.66 0.14 0.29%
Data as of Dec 19

Sections

It was an eventful year in the world of business. CNNMoney takes a look back at the 10 biggest financial stories of 2014. More

Forums in dark corners of the web sell the kinds of hacks that befell Sony. More

Unilever sued Hampton Creek over its egg-free mayonnaise spread Just Mayo. But the company behind Best Foods and Hellman's mayonnaise has now dropped the lawsuit. More

Retired union workers could see their pensions cut under a controversial new law, but many say they're not sure how they'll make ends meet if big cuts go through. More

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.