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Is Tiger Woods' Nike contract safe?

The sneaker company's chairman and co-founder, Phil Knight, says Woods' latest woes are simply a "minor blip" in the golf star's legacy, according to Sports Business Journal. "I think he's been really great. When his career is over, you'll look back on these indiscretions as a minor blip, but the media is making a big deal out of it right now," Knight told the publication. He did not say whether Nike would drop Woods, 33, as a sponsor.

Tiger Woods' absence causes ratings drops

Knight said the recent firestorm surrounding Woods' personal life would not affect Nike's future advertising deals with athletes, but admitted the risk involved in such decisions. "One of the things we always try to do when we have a big endorsement is check out the character and the pattern of the individual," Knight told the Journal. "But you're not going to get it right all the time, and if you're going to be in the business, you have to recognize that."

Tiger Woods taking a break from golf

On Sunday, the golfer lost his first endorsement deal, with global consulting firm Accenture, Ltd. The company said it felt Woods was "no longer the right representative" following the "circumstances of the last two weeks," according to the Associated Press.

Gillette has, at least for now, stopped airing all advertisements featuring the pro golfer, and AT&T has said it is re-evaluating its relationship with Woods.

On Friday, Woods announced his indefinite leave from golf to focus on being on a better husband and father.