NEW YORK (TheStreet) -- Tiger Woods was chosen to be on the U.S. Ryder Cup team by its captain Corey Pavin, despite a lackluster return to professional golf following months of hiding from intense media attention on his extramarital affairs.

The announcement was made by Pavin at the New York Stock Exchange Tuesday, shortly after Tiger and ex-wife Elin officially announced on Aug. 23 the finalization of their divorce.
Tiger Woods

"It's great to be part of the team and I'm honored to be selected and represent the United States," Woods told reporters via phone from the site of this week's PGA tournament outside of Chicago.

Tiger will be joining eight players who automatically qualified for the team: Phil Mickelson, Hunter Mahan, Bubba Watson, Jim Furyk, Steve Stricker, Dustin Johnson, Jeff Overton and Matt Kuchar. Tiger has competed on six prior U.S. Ryder Cup teams.

However, this will be the first time Tiger needed to be picked for the team. Also picked by Captain Corey Pavin to join him on the team were Rickie Fowler, Zach Johnson and Stewart Cink.

The Ryder Cup will be held from Sept. 27 to Oct. 3 at the Celtic Manor Resort in Newport, South Wales.

Many investors of Nike ( NKE - Get Report), Electronic Arts ( ERTS) and other major Tiger sponsors will be eager as ever to see Tiger perform well at the Ryder Cup. According to two studies, the market share value of many of these sponsors have experienced some erosion following Tiger's scandal, and his lackluster performance of late hasn't helped the situation.

A recent U.C. Davis study by economics professors Christopher Knittel and Victor Stango went even further, suggesting that Tiger's scandal had sent a "a negative market-wide signal about the reputation risk associated with celebrity endorsements."

Knittel later told the TheStreet that as the Tiger scandal erupted, some consumers who used to buy from Nike Golf began buying from Ping or Callaway Golf Company ( ELY - Get Report) instead.

Late last year, the professors came out with a study suggesting that big Tiger Woods sponsors -- such as Accenture ( ACN - Get Report), Nike, P&G's ( PG - Get Report) Gillette, Electronic Arts and PepsiCo's ( PEP - Get Report) Gatorade -- had shed 2% to 3% of their aggregate stock market value after his fateful car accident on November 27. Meanwhile, core sponsors like Electronic Arts, Nike and Pepsi lost more than 4%.

-- Written by Andrea Tse in New York.

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