CNBC: Vijay stands by his man

CNBC's sports business reporter Darren Rovell reports that Vijay Singh offered to put up $500,000 to help friend Allen Stanford, the beleaguered financier who has been charged with bilking investors of $7 billion in a Ponzi scheme, meet bail. Singh was denied the opportunity to do so because he is not a citizen of the United States.

Singh, who has an endorsement contract with Stanford Financial, continued to wear the company logo at the U.S. Open last week. Rovell reported last week that the value of the contract is $8 million.

"Vijay's opinion is that Stanford has yet to be proven guility and until then has chosen to act supportively," Dave Haggith, spokesman for IMG, told Rovell.

-- John Strege