Gatorade drops sponsorship of Tiger Woods

tiger_woods_gatorade.gi.top.jpgBy Julianne Pepitone, staff reporter


NEW YORK (CNNMoney.com) -- PepsiCo's Gatorade said Friday that it has ended its business relationship with Tiger Woods.

"We no longer see a role for Tiger in our marketing efforts," a Gatorade spokesman said. He added the company's partnership with the Tiger Woods Foundation will continue.

PepsiCo's (PEP, Fortune 500) Gatorade is the third major brand to drop its sponsorship of Woods.

The announcement comes after months of allegations of extramarital scandal, which has played out in the public eye. On Nov. 25, The National Enquirer reported that golf pro Woods had been dating New York nightclub hostess Rachel Uchitel. Woods is married to Elin Nordegren, and the couple has two children.

Two days after the Enquirer story was published, Woods pulled out of his driveway in Windermere, Fla., hitting a fire hydrant and a tree, according to an incident report.

Media speculation swirled around the event and a few weeks later a slew of other women began to come forward, claiming to be Woods' mistresses. On his Web site, Woods responded to the allegations by admitting to "personal failings."

At first, Woods' sponsors said they would stick by their star athlete. But in December, Accenture and AT&T (T, Fortune 500) announced they were dropping sponsorship. Woods had signed a multi-year agreement with the telecom giant in February 2009, but terms of the deal weren't disclosed.

Procter & Gamble's (PG, Fortune 500) Gillette said it would stop airing commercials that feature Woods for a while, though the company stopped short of saying it would end the relationship. Other major sponsors, including Nike (NKE, Fortune 500), have stuck by Woods.

Earlier this month, Woods admitted in a televised speech that he had been unfaithful to his wife and had been in therapy to deal with his issues. He said he plans to return to professional golf at some point.

-- CNN's Amy Sahba and CNNMoney.com's David Goldman contributed reporting. 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
Index Last Change % Change
Dow 17,001.22 -38.27 -0.22%
Nasdaq 4,538.55 6.45 0.14%
S&P 500 1,988.40 -3.97 -0.20%
Treasuries 2.40 -0.00 -0.17%
Data as of 1:53pm ET
Company Price Change % Change
Bank of America Corp... 16.13 -0.03 -0.19%
Apple Inc 101.32 0.74 0.74%
Salesforce.com Inc 59.80 4.09 7.34%
General Electric Co 26.15 -0.28 -1.06%
Cisco Systems Inc 24.65 -0.24 -0.96%
Data as of Aug 22

Sections

Name brand American and European conglomerates are feeling the impact from the turmoil in Russia. More

The Coolest Cooler launched a Kickstarter campaign in July and has raised over $9 million so far, the second highest grossing campaign ever. More

The Coolest Cooler launched a Kickstarter campaign in July and has raised over $9 million so far, the second highest grossing campaign ever. More

This month, Delaware became the first state to pass a law giving heirs the right to access the online accounts and assets of someone who has passed away. More

Market indexes 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. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.