Woods Leaves PGA in Economic Limbo

(CBS)  Today, the watchmaker Tag Heuer said it is re-considering its sponsorship deal with golf's number one player. CBS News correspondent Bill Whitaker has more now on the economic limbo created by Woods self-imposed exile from the game.

Before the sex scandal, Tiger Woods was at the top of his game. Now his career seems in freefall. His bizarre accident and admission of infidelity crashing headlong into his perfectionist image - an image that has made him the first billion dollar athlete.

In addition to tournament earnings - $23-million his last full season before his knee injury - Tiger pulls in another $110 million annually in endorsements, including a $30 million a year Nike, $5 million a year from Gillette and $24 million a year from videogame maker EA Sports.

"Tiger Woods is a very unique character in the world of corporate sponsorships, because he crosses over into so many different demographics," said David Dusek of Sports Illustrated's golf group.

But Sunday, Accenture, a business consulting firm few had even heard of until it tied its name to Tiger Woods, became the first sponsor to drop him. The company that spent $21 million on advertising so far this year - most featuring Woods - says he is "no longer the right representative." Sports agents say expect others to follow Accenture's lead.

"Once a major blue chip company does leave it provides the cover for getting out the door, not unlike the first person who leaves a party," agent Dave Carter said.

For now, his other sponsors are sticking with him. AT&T and luxury watchmaker Tag Heuer both say they are evaluating their relationship with Woods. Nike, whose golf equipment, marketed around Woods, brings in $800 million a year says, "We look forward to his return to golf."

Perhaps no one is looking forward to Tiger's return more than the sponsors of the San Diego Open, formerly the Buick Open, at Torrey Pines - the first PGA tour event of the year Woods usually attends.

"It is somewhere between 15 to 25 percent additional income from those tournaments that have Tiger versus those that don't," said Tom Wilson of the San Diego Open.

Without Tiger, Torrey Pines stands to lose op to $500,000. The Tiger Effect is profound. When he started playing in 1997, the PGA purses totaled just $70 million. Today they're $270 million. Tiger affects broadcasters, too, including CBS Sports - which airs Torrey Pines, the Masters and 19 other tournaments - and NBC Sports, which broadcasts 10, including the U.S Open.

The year Woods' bad knee kept him away from golf, an average of just 2.4 million viewers tuned into golf tournaments, down almost 50 percent from the year before.

"Tiger Woods has meant ratings on television. Tiger Woods has meant an enormous increase in prize money," Dusek said. "For golf, Tiger basically put big-time golf on the map."

But the fear in the sport is that the golden man of golf, Tiger Woods' Midas touch might be tarnished forever.

[DYLANESQ]

Can't you just imagine all the golfing folks that despise Tiger's conduct busily practicing their ventriloquist version of the sudden rheumatic cough which they will employ every time Tiger is about to make a critical putt ? It may come to pass that he becomes a liablity to the PGA coffers.

[tmittelstaed]

"...but this guy needed all these women to "grovel and adore" him..."

Maybe, or maybe he just liked having a lot of sex with different people. If he was single, and this all broke, nobody would be condemming him, they would be cheering him on. We really don't know his personal situation with his wife - she may have known about this all along, but as long as he kept the money coming in, she might not have given a damn.

[baileyccc]

Ain't it Great. I can't wait till the next bimbo crawls out of the woodwork.

[whozzzzure]

Curious, at best. Even the great Tiger Woods seems to have a self-esteem problem. All the talent, money, "stuff," beautiful wife and children -- he still needed more to boost his ego. These women are nothing more than groupie hookers. They all knew his was married, and it didn't matter. Shame on him, but shame on them as well.

His wife deserve better -- women can forgive infidelity with one -- but this guy needed all these women to "grovel and adore" him. Stupid, childish, dangerous, and now he pays. His wife can never trust him again. She should collect the money and then leave him.

[MPHgrad]

Golf is incredibly boring. Incredibly. It was sheer luck that the PGA got anyone interested in the first place.

[goeswest]

Your comment just shows your complete ignorance to a very beautiful and exciting game.

[Dr Newel]

I suspect that "Tiger Woods" is his stage name but what I was concerned about is: is Tiger Woods his stage name for playing golf or his extracurricular activities? Perhaps the Playboy Channel would be a career move, or a career in porno movies. Tiger Woods is an excellent porno star name like Peter North for example. Vivid pictures would gladly sign up such a star.

[Stevenapoli7]

Why no black chicks Tiger?

[DYLANESQ]

That, my friend, is the $35,000 question !!

[stn_sage]

C'mon, already!
I don't believe any of us, need to 'cry too hard' for Tiger!
Even when he comes back...and he will...when it 'blows over'...he'll go back to winning millions!
He's hardly broke! He's worth over a billion dollars, for Pete's sake!

He made his first mistake in dating all these hookers to begin with!
And, he made his second when he just didn't pay them a million dollars a piece, have them sign non-disclosure agreements, and send them away!

I'm waiting to see how this 'plays out'! The fact is, if he was getting it 'at home'...and it was any good...he wouldn't have turned to the hookers! I'd think the wife would be relieved by that fact...he obviously didn't love any of them...it was only physical release!

So, if she was responsible for 'turning off the love machine', then she caused what happened! So, he's not solely at fault...the public should take this into consideration before they crucify him!

[DYLANESQ]

This is the most blatant piece of a crappy attempt to blame the victim as I have seen in a long time and is,sadly, only a hair away from the 'she asked for it'line of self defenceused in rape cases.

Listen here, dumbkopf, if you 'aren't getting it' at home the first thing to ask yourself is "What am I doing wrong ?", secondly you ask your partner the exact same question, thirdly you agree to talk about it, fourthly , if that does not work you both seek some guidance, fifthly you ask yourself if all the other 'goodies' you get from your marriage are worth sacrificing everything so that you can hopefully go on the hunt fot 'it' somewhere else, sixthly you ask your pitifully selfish being who else are you damaging if take this huge step.

Notice something bud ? Not once have I mentioned your right to blame your partner before thoroughly examining all potential answers to the above questions. Take some personal responsibility for a change why don'tcha ?

[boboneilltexas]

Agreed. Golf has to be the most boring "Sport" around.

[goeswest]

Your comment just shows your total ignorance to a very beautiful and exciting sport.The millions and millions of other golfers out there also would tell you the same thing I did.

[cbsblogger]

I agree, who cares? Just like all the other entertainment venues it creates absurdly overpaid participants while the robots waste their lives watching TV and spectating. We need to bring athletics back to what it is supposed to be, fun. Most sports were never intended to be huge money making ventures and/or for spectators. They are intended to play.