Tiger Woods is Still the Golden Boy
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Tiger Woods finally broke his silence Sunday about Friday's car crash and the rumors swirling around the circumstances of the incident. The impact on the endorsements of the sponsor golden boy will be minimal unless new information surrounding the situation arises.
Woods, 33, issued a statement via his personal website in which he admitted complete fault for the accident, where he crashed his black Cadillac Escalade into a fire hydrant in front of his home before hitting a tree.
The bizarre crash came only days after tabloids ran articles claiming that Woods was having an affair with New York night club hostess Rachel Uchitel.
The world's No. 1 golfer broke the $1 billion mark in career earnings in his highly successful playing career in October. While he has made more money in tour earnings than any golfer in history, those numbers are eclipsed by the substantial income Woods receives annually from his numerous endorsements.
Among the companies that use Tiger's popularity to sell goods are Nike (NYSE: NKE), Gatorade (NYSE: PEP), Gillette (NYSE: PG), AT&T (NYSE: T) and Electronic Arts (NASDAQ: ERTS).
Analysts expect that these companies that have long been on the Tiger coattails will not be pulling their advertising dollars back, but it is expected that this incident may tarnish the squeaky-clean image that Woods has made for himself.
"In the marketing world, there's always a stigma when things like this happen," executive vice president for Premier Global Sports, Robert Tuchman said. "You won't see sponsors pull out. But other potential sponsors might hesitate."
Nike, which is Tiger's largest sponsor in terms of dollars spent, issued a statement of well wishes and get well feelings for the golfer and his family.
Until there is proof of alcohol, drugs or other detrimental behavior by Woods, it is unlikely that Tiger will lose his status as a champion of the sports advertising universe.
Woods, 33, issued a statement via his personal website in which he admitted complete fault for the accident, where he crashed his black Cadillac Escalade into a fire hydrant in front of his home before hitting a tree.
The bizarre crash came only days after tabloids ran articles claiming that Woods was having an affair with New York night club hostess Rachel Uchitel.
The world's No. 1 golfer broke the $1 billion mark in career earnings in his highly successful playing career in October. While he has made more money in tour earnings than any golfer in history, those numbers are eclipsed by the substantial income Woods receives annually from his numerous endorsements.
Among the companies that use Tiger's popularity to sell goods are Nike (NYSE: NKE), Gatorade (NYSE: PEP), Gillette (NYSE: PG), AT&T (NYSE: T) and Electronic Arts (NASDAQ: ERTS).
Analysts expect that these companies that have long been on the Tiger coattails will not be pulling their advertising dollars back, but it is expected that this incident may tarnish the squeaky-clean image that Woods has made for himself.
"In the marketing world, there's always a stigma when things like this happen," executive vice president for Premier Global Sports, Robert Tuchman said. "You won't see sponsors pull out. But other potential sponsors might hesitate."
Nike, which is Tiger's largest sponsor in terms of dollars spent, issued a statement of well wishes and get well feelings for the golfer and his family.
Until there is proof of alcohol, drugs or other detrimental behavior by Woods, it is unlikely that Tiger will lose his status as a champion of the sports advertising universe.
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