Friday, Tiger Woods will make his first public statement since his mistresses came forth. Should Tiger man-up and also offer to return millions to his sponsors?
Reuters reports “Woods was estimated to earn about $100 million a year in endorsement deals before his adultery scandal led AT&T (NYSE:T) and Accenture (NYSE:ACN) to drop him as a spokesman. But Forbes magazine, which has put his total worth at $1 billion, said his remaining sponsorship deals with Nike (NYSE:NKE), Electronic Arts (ERTS) and Procter & Gamble’s (NYSE:PG) Gillette brand would allow Woods to remain the world’s highest-paid athlete this year.”
If Tiger got paid to essentially be a certain person, it’s hard to justify sponsors getting 100 cents on the dollar under their original agreement. But according to CNNMoney,
Experts in the field say that while sponsors are likely to keep their Tiger Woods commercials off the air while he takes his leave from the game, most will continue to pay him the millions owed under those contracts.