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Tiger Woods' Economic Future Depends on Actions, Wife, Sponsors

By Lynnette Khalfani-Cox on Feb 19th 2010 4:13PM
Filed under: Celebrity Finances, News, Lynnette Khalfani-Cox

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In issuing his first public statement in nearly three months, Woods was very much aware that his economic future hangs in the balance as much as his personal and professional fate.

That's why Woods didn't mince words Friday during his much-anticipated apology statement at the TPC Sawgrass Clubhouse in Ponte Vedra Beach, Fla. He reached out to his golf fans and the golf industry alike. He showed sorrow for disrespecting his wife and family. And he let parents know that he regretted letting down their kids who idolized him.

But more than anything, Woods' message was aimed at appeasing current and potential sponsors who might write future checks to him: juicy checks with lots of zeros attached to them. So Woods looked straight into the camera and did what he had to do.

He apologized profusely and repeatedly. He pleaded with the public to "one day" believe in him again. And he expressed contrition and remorse.

A Hole in One?

So in many ways, Woods may have hit his first hole in one in many months. After all, he said all the right things and humbled himself greatly. But Woods and his inner circle know that, as carefully scripted as his speech was, you can really forget about what Woods actually said. The real test for the redemption of golf's greatest player will be based on what he does on and off the golf course – and how quickly he does it.

On both a personal and professional level, it is clear that Woods is a long way from his saving his marriage, repairing his tattered image, and getting back to the game he has dominated during his legendary career.

And unless he can pull off all three, Woods earnings power, wealth and reputation are likely to remain in tatters – no matter how many times he publicly apologizes or admits his marital transgressions.


Actions Speak Louder than Words

As for his relationship with his wife, Elin, Woods himself acknowledged that words don't really amount to much. "As (Elin) pointed out to me: my real apology to her will not come in the form of words. It will come from my behavior over time," Woods declared.

The fact that Elin was not present for Woods' big mea culpa speaks volumes about the damage done and the understandable level of hurt, disappointment and anger she is no doubt feeling. So first up for Tiger will be wrapping up his therapy, doing some serious soul-searching and trying his save his five-year marriage. If he can't patch things up with his wife, a divorce could cost Woods tens of millions of dollars – or more.

But what about getting back to golf? While Woods didn't offer a timetable for returning to the sport, he shrewdly said he wouldn't rule out a comeback "this year" – a clear sign that he wants his sponsors to hang in there and be patient for his return to the game he loves so much.

In fact, much of Woods statement was directed at apologizing to his business partners, sponsors and members of the public who might buy products he endorses. Calling his actions "selfish," "foolish," and "irresponsible," Woods said: "I know I have bitterly disappointed all of you."

Damage Control

At the same time, Woods was clearly determined to safeguard key elements of his reputation and put to rest rumors that could dog any potential endorsement deals. Woods flatly denied rumors that he had used performance-enhancing drugs, and he also chided the media and others for speculating that he or Elin had ever physically abused one another in any way. "There has never been an episode of domestic violence in our marriage. Ever," Woods said.

After his statement, one of Woods' major sponsors, Nike, released a statement of their own saying they fully support the golfer and his family. But not all of Woods sponsors have stuck around. Accenture was the first sponsor to distance itself from Tiger when his affairs became public. AT&T also dropped Woods in December, and Gatorade dropped its Gatorade Tiger Focus line of sports drinks.

How long Woods' remaining corporate support will last – and what corporate deals he may be able to land in the future – almost certainly depends on how quickly Woods returns to the game of golf, and starts winning again. At the end of the day, it will likely be his performance on the greens – and not in front of a camera – that represents Woods' biggest hope for redemption.

Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has also been featured in top newspapers including the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times bestseller, 'Zero Debt: The Ultimate Guide to Financial Freedom.'

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