Sponsors continue to step away from Woods

AT&T terminated its contract with Tiger Woods on December 31, making it three sponsors who have dropped the embattled golf pro, the Associated Press reported.

AT&T terminated its contract with Tiger Woods on December 31, making it three sponsors who have dropped the embattled golf pro, the Associated Press reported. After news of extramarital transgressions become public following a car accident near his home, Accenture ended its relationship with Woods and Gillette is phasing out Woods from its advertisements.

Woods has decided to take a break from golfing, which has prompted other sponsors, such as watch brand Tag Heuer, to say they will scale back on their work with him as well. Video game company Electronic Arts has not come out with any decisions either way, but Nike cofounder and chairman Phil Knight has stood behind Woods, saying the indiscretions are a "minor blip."

Meanwhile, a study from the University of California, Davis found that investors in companies that sponsor Woods will lose up to $12 billion from the scandal.

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