Tiger Woods has deal with Rolex

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 cheap golf clubs 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 earlier this year announced a deal in Japan to endorse a heat rub product for Kowa Company Ltd., although that was geared PING G20 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."This makes a big statement," Steinberg said Mizuno MP-69 Irons at CordeValle, where he was watching Woods tee off in the pro-am. "I think this shows me where people are with Tiger Woods."

Woods has 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 Titleist CB 712 Irons foundation logo on the bag since AT&T dropped him a month after Woods' sex scandal unfolded in November 2009.He missed most of this summer recovering from injuries to his left leg. Woods is playing four more times this year, starting with the Frys.com Open, followed by the Australian Open, Presidents Cup and the Chevron World Challenge.

Steinberg said the Rolex logo would not be visible as Woods plays golf. He had a watch in his bag during the pro-am, Steinberg said. Woods doesn't wear a watch when he plays golf.