Swiss luxury watchmakers Tag Heuer initially said they'd stand by the (soon-to-be-former) golfer, but now they're ditching the Nike attitude and distancing themselves from Woods, reminding us that his infidelity has woven a tangled web of personal and financial backlash.

As sponsors began cutting their ties with Woods last week, Tag Heuer spokeswoman Mariam Sylla said that the company didn't care about Woods' personal life and would stick by him. But that statement was quickly revoked because Tag Heuer needs to, "take account of the sensitivity of some consumers in relation to recent events," CEO Jean-Christophe Babin said.

But while Woods will no longer appear in U.S. ads, Tag Heuer says they're only "scaling back" his presence and that he'll stay on as a "Global Ambassador," a title he's had since 2003. So the Swiss company will officially keeps Woods in-pocket as a global representative of the watches, but will save face to the Americans by removing him from all U.S. ads.

BusinessWeek's Rick Horrow and Karla Swatek have reminded us that the sponsorships that'll be hit the hardest by Woods's scandalous behavior are those with non-sports companies like American Express, Accenture ... and Tag Heuer, whose endorsement is further muddled by its foreign status.

"Woods' sports category and male-centric endoresement deals are in no danger, as long as he returns to the gold course fueled by the competitive fire that has driven him his entire life," they wrote. "If any deals are in jeopardy it is the nonsports contracts, which are more closely tied to his image and reputation than to his on-course abilities."