Tiger Woods Update: Woods Taking an "Indefinite Break" from Golf

We can now stop speculating. Tiger Woods is going to take an "indefinite break" from professional golf. The latest statement by Woods was expected by some, given that irreparable damage has been done to his billion dollar brand. Companies have run for the hills, and Tiger Woods' face and name no longer carry the weight that they once did.

This is part of the statement released on Tiger's website earlier today:

I am deeply aware of the disappointment and hurt that my infidelity has caused to so many people, most of all my wife and children. I want to say again to everyone that I am profoundly sorry and that I ask forgiveness. It may not be possible to repair the damage I've done, but I want to do my best to try.

This saga seems to be one that will never end, as the speculation has run rampant about Tiger's personal life and what he is going to do to stop the bleeding. I personally find it odd that the notorious "Team Tiger" has allowed the mistresses to tell Tiger's story, rather than Tiger telling the story himself. Only time will tell if their strategy actually makes sense. Right now, it does not. The funny thing about all this is the fact that "Team Tiger" has not engaged in their usual scorched earth strategy of suing every person who slanders Woods or his family, giving that much more credibility to the comments being made by all of Tiger Woods' women.

Tiger Woods is going to lose a lot of money because of this scandal. Companies have ripped his face off their corporate banners, and some are wondering if even Nike will reconsider their relationship with the golfer. But for a man who has earned a billion dollars in his career, there are things more important than money. I imagine that he is now trying to protect the two things he loves most: His family and the game of golf. Leaving golf means that he may have let go of one in order to protect the other.

Dr. Boyce Watkins is a Finance Professor at Syracuse University and author of the book, "Black American Money." To have Dr. Boyce commentary delivered to your email, please click here.