Tiger Woods has his first major endorsement since his downfall two years ago, announcing a deal Wednesday with Rolex to be one of its ambassadors.
Woods had lost five major endorsements in the two years since he was exposed for serial adultery and eventually divorced. He previously had a watch deal with Tag Heuer, which dropped him two months ago.
Terms of the deal were not disclosed, although it is believed to be longer than five years.
Woods announced a deal earlier this year in Japan to endorse a heat rub product for Kowa Company Ltd., though it was geared exclusively for Japanese markets.
The Rolex deal is far more significant, and it was announced the day Woods returned to the PGA Tour at the Frys.com Open. His agent at Excel Sports Management, Mark Steinberg, promised more deals to come.
Woods lost endorsement deals with AT&T, Accenture, Tag Heuer, Gatorade and Gillette since his downfall.
Steinberg said Rolex would be the first of a “couple of announcements” related to endorsements, including a deal for Woods’ golf bag. He has had his foundation logo on the bag since AT&T dropped him a month after Woods’ sex scandal unfolded in November 2009.
He said a bag deal was likely to be announced as early as six weeks. Woods has been in negotiations with Fry’s Electronics, sponsor of this week’s tournament. However, those discussions have been going on for most of the year.
Swiss-based Rolex said it was paying tribute “to the exceptional stature of Tiger Woods and the leading role he plays in forging sport’s global appeal.”
“Rolex is convinced that Tiger Woods still has a long career ahead of him, and that he has all the qualities required to continue to mark the history of golf,” the company said in a statement.
Woods has 14 majors and 82 wins worldwide, though none since he won the Australian Masters on Nov. 15, 2009. He fell out of the top 50 in the world ranking for the first time in 15 years.
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