Tiger Woods is being “downscaled” by high-end Swiss watch maker Tag Heuer, one of the pro golfer’s many endorsement contracts that helped him gross over $100 million a year in income on top of his golf winnings.
While the company will scale back the use of Woods’ image in advertising campaigns for the foreseeable future, it stopped short of terminating the relationship, as some companies have done, according to a statement released today (Dec. 18).
Gillette has already it would limit his role in its marketing. Woods signed a four-year deal with the company in 2007 that pays around $5 million a year.
Accounting firm Accenture has dropped Woods and AT&T and EA Sports are said to be evaluating their relationship. Nike Inc. is sticking with him; that deal reportedly pays Woods $30 million a year.
Tag Heuer said in a statement it was modifying its advertising in certain markets out of respect for the golfer’s request for privacy.
But Woods’ two week nightmare of tabloid revelations about his sex life with up to 14 mistresses has tarnished his once highly regarded image. One of Tag Heuer’s ads featuring Woods asks: “What are you made of?”
His wife, Elin Nordegren is reportedly exploring plans for a divorce and will be spending the Christmas holidays without him with the couple’s two children in Sweden. She has been photographed in public without her wedding ring.
A messy divorce would only add to the No. 1 golfer’s woes. In an effort to heal his marriage, Woods has announced an indefinite absence from the pro tour. Some golf experts, however, expect him to return as early as March for the Masters, a major event.
Tag Heuer, a unit of luxury brand, LVMH Moet Hennessy Louis Vuitton, says Woods’ absence form the tour will determine how long it suspends us of his image in advertisements. Woods has had a deal with the company since 2002.
The Swiss company is the latest sponsor to back away from Woods since his admission of extramarital “transgressions” following a November car crash.
