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PGA: "We Can Move Forward Without" Tiger

Still, despite the positive spin that Finchem is attempting to place on the loss of Woods, Finchem acknowledges that the world's number one golfer has been "a huge bonus" for the PGA because he's brought in so many "soft viewers."

Reports seem to indicate that Woods' absence and personal woes will cost the PGA Tour, television networks such as CBS (CBS), and merchandise vendors like Nike (NKE) some $220 million or more in lost revenue, according to Bloomberg.

Without him, tournament crowds could shrink by as much as 20% according to organizers; TV audience may drop by 50% according to Nielsen data; and TV advertising could fall by 40%, according to Aaron Cohen, chief media negotiating officer at New York-based ad agency Horizon Media Inc., Bloomberg reports.

-- Reported by Andrea Tse in New York

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