Tiger Woods Loses Accenture Sponsorship

NEW YORK ( TheStreet) -- Tiger Woods has officially lost his first sponsor over the scandal that has wreaked havoc on his once squeaky-clean reputation.

On Sunday, Accenture ( ACN) officially announced that it would be ending its six-year relationship with Woods.

"After careful consideration and analysis, the company has determined that Tiger Woods is no longer the right representative for its advertising," the company said in a statement.

> > The Tiger Woods Stock Index

The statement follows Woods' announcement on Friday that he would be taking an indefinite leave from golf to focus on repairing his relationship with his family.

"We are disappointed but respect their Accenture's decision," said Woods agent Mark Steinberg, in an email to the Wall Street Journal. "That is all I have to say to you."

Woods makes about $90 million a year in sponsorship fees, according to WSJ. and Accenture was one of his biggest sponsors. Accenture is one of the world's largest management consulting, technology services and outsourcing companies with about $23 billion in revenue in its last fiscal year.

Woods' car crash outside his Orlando home on Nov. 27 has drawn intense media attention onto his multiple infidelities, and has surely spurred his sponsors to consider whether they want to continue their ties with the billion-dollar legendary golfer.

Over the weekend, P&G's ( PG) Gillette said that it would begin limiting Woods' role in their marketing programs, and AT&T ( T) and Tag Heuer have said they were assessing their ties with the world's number one golfer. Nike ( NKE), Electronic Arts ( ERTS) and PepsiCo's ( PEP) Gatorade said they are still standing behind Woods, though most readers at TheStreet.com say they think all sponsors should drop him.

-- Reported by Andrea Tse in New York >>See our new stock quote page.

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