Report: Gillette ends relationship with Woods

Tiger Woods, who previously lost endorsement deals with AT&T, Accenture, Gatorade and Tag Heuer, will no longer represent Gillette, effective the end of December, the company has announced.

"His contract ran its full term like many other athletes that were part of the Champions program," the company said in a news release. "We are ending the Gillette Champions program after three years. Like any brand, we refresh our marketing efforts to ensure they continue to be relevant for our consumers."

A month ago, Woods' agent, Mark Steinberg, told CNBC's Darrell Rovell that Woods was close to adding endorsement deals, that Woods would "have a bag deal with a new partner and within time I am confident there will be a global brand that will be using his name and likeness. We're close to a deal coming out of Asia and we're in discussions with a number of companies interested in being on his golf bag."

-- John Strege