AT&T Inc said on Thursday it was terminating its sponsorship agreement with Tiger Woods, joining the list of companies that have distanced themselves from the top golfer in the wake of a sex scandal.
The US telecommunications company is the latest corporate sponsor to back away from the world’s first billionaire athlete since he became engulfed in allegations of multiple extramarital affairs following a mysterious minor car accident outside his Florida home on Nov. 27.
AT&T said in a brief statement on Thursday: “We are ending our sponsorship agreement with Tiger Woods and wish him well in the future.”
Woods, believed to be the world’s wealthiest athlete, estimated to earn about US$100 million a year in endorsement deals before his troubles, confessed on Dec. 11 to “infidelity.” He announced he would take an indefinite break from golf to save his marriage with Swedish wife Elin Nordegren.
The scandal may have cost shareholders of companies endorsed by the world’s No. 1 golfer US$5 billion to US$12 billion in losses, according to a study by two economics professors from the University of California, Davis.
“Our analysis makes clear that while having a celebrity of Tiger Woods’ stature as an endorser has undeniable upside, the downside risk is substantial, too,” one of the professors, Victor Stango of UC Davis Graduate School of Management, said in a statement released along with the study.
Some economic analysts, however, have questioned the accuracy of the UC Davis study, although they acknowledge that Woods’ own marketable value as a subject for corporate endorsement has been badly hit by the scandal.
Sponsors who have revised their relationship with Woods include technology outsourcing and consulting firm Accenture Plc, which ended its endorsement, and Procter & Gamble Co’s shaving products maker Gillette, which dropped the golfer from its marketing.
Some other companies, however, like US athletic shoe maker Nike Inc, have said they are standing by the golfer.
The scandal saw a parade of more than a dozen women — from cocktail waitresses to porn stars — come forward to say they had affairs with the father of two.
Since the start of the scandal, Woods, who had previously carefully maintained a public image of a clean-living sports and family man, has kept out of sight of the media.
OUT AGAINST INDONESIA: Taiwan reached the semi-finals at the tournament for the first time by defeating Denmark, with Chou Tien-chen beating Viktor Axelsen Taiwan yesterday crashed out of the Thomas Cup team competition in Chengdu, China, but achieved their best result at the top-tier badminton event by reaching the semi-finals. Indonesia were too good in the semis, winning 3-0 to advance to today’s final against China, who eliminated Malaysia 3-1. In the opening singles of the men’s team clash at the Hi-Tech Zone Sports Center Gymnasium 2, Anthony Ginting defeated Taiwan’s Chou Tien-chen 21-18, 21-19 in 51 minutes, which put a huge hole in Taiwan’s aspirations to perhaps even make the final. In the men’s doubles, Fajar Alfian and Muhammad Ardianto downed Lee Yang and Wang
NO DOUBT: Spurs star Wembanyama was unanimously selected as NBA Rookie of the Year, winning all 99 votes to become the first Frenchman to capture the honor The Minnesota Timberwolves on Monday night produced a dominant defensive display to seize a commanding 2-0 lead in their best-of-seven playoff series against the Denver Nuggets with a 106-80 road victory. The third-seeded Timberwolves harassed Denver relentlessly to claim a second straight win over the NBA champions as the series heads back to Minneapolis for Game 3 on Friday. Karl-Anthony Towns and Anthony Edwards scored 27 points apiece, but the star of the show was Minnesota’s suffocating defensive effort, which knocked Denver out of their stride almost from the tip-off. The Timberwolves finished with 11 steals and 12 blocks, in sharp contrast to
Top-ranked Iga Swiatek on Saturday came through “the most intense and crazy final” she has ever contested to avenge her loss to Aryna Sabalenka in last year’s Madrid Open final with a grueling three hour, 11 minute victory in the Spanish capital. Coming back from 1-3 down in the decider and saving three match points in total, Swiatek claimed a 7-5, 4-6, 7-6 (9/7) victory to secure the Madrid Open trophy for the first time. “Well, who is going to say now that women’s tennis is boring, right?” Swiatek said. Swiatek, who picked up the 20th title of her career, and ninth at
One of Malaysia’s top soccer clubs has pulled out of today’s season-opening Charity Shield after a spate of assaults, including an acid attack, on players in the country. It leaves the kickoff of Malaysia’s season this weekend under a cloud following the unprecedented acts of violence against players, which have left the country shocked and angry. Authorities said they have imposed tighter security, but Selangor said that they would not play in the showpiece curtain-raiser against Malaysian Super League champions Johor Darul Ta’zim (JDT) citing “a series of criminal incidents and recent threats.” Selangor and Malaysia winger Faisal Halim is in intensive care