Tag Heuer have announced that they are standing by Tiger Woods.

Contrary to earlier reports Tag Heuer are not dropping their sponsorhip of Tiger Woods. They released the following statement on their website:

TAG HEUER STANDS BY BRAND AMBASSADOR TIGER WOODS

December 18, 2009 – Le Chaux-de-Fonds, Switzerland.

TAG Heuer confirms today that it will continue its relationship with Golf n°1 Tiger Woods but will respect his desire of privacy by modifying his role in the coming months’ marketing programs.

Tiger Woods became a TAG Heuer brand ambassador in 2002. The relationship between the leader in prestigious sports watches and chronographs since 1860 and Golf virtuoso Tiger Woods has always been extremely professional and productive.

 “The partnership with Tiger Woods will continue,” said Jean-Christophe Babin, President and CEO of TAG Heuer, “but we will downscale the use of his image in certain markets for a period of time, depending on his decision about returning to professional golf. We will continue to actively support the Tiger Woods Foundation.”

The way to read this is probably that it's a holding operation. No one's quite sure what the long term implications of everything are going to be on "brand Tiger Woods". How are the mostly middle aged men who follow golf going to react to the idea that Tiger has had (by one count) 18 girlfriends? Disugust? Jealously? Admiration? No one really knows.

So for the moment they will "downscale the use of Tiger Woods' image" in certain markets until they can see which way the wind is blowing.