Tiger Woods' Sponsors Jumping Ship
When legendary golfer Tiger Woods apologized for his "transgressions" in a statement that addressed allegations that he had been having extra-marital affairs, his sponsors were standing behind him.
Since then, Tiger has announced his decision to take an indefinite break from golf and has issued a statement expressing his "profound" apologies and asking for "forgiveness" for the "hurt that my infidelity has caused to so many people." According to a Dec. 29 report in Britain's Daily Express, there is even a Hollywood movie in the works about Tiger's fall from grace, slated to star Cuba Gooding as Tiger.
In turn, several of his major corporate sponsors and business partners began distancing themselves from Woods. On Dec. 31, AT&T announced that it was dropping its sponsorship of Tiger), including its sponsorship of his PGA golf tournament. Others have stood fast -- and the price they have paid may have been steep, indeed: A recent study by finance professors at the University of California, Davis, estimates that shareholders of such Tiger Woods-endorsed stocks have lost between $5 billion to $12 billion in market value since the Tiger sex scandal broke