One of Tiger Woods most recent endorsements was for a back rub named Vantelin for Kowa in Japan. This is notable for a couple of reasons one, it’s a reflection of his aging as an athlete that he’d be hawking a back rub, for another, this is his first Japanese ad since 1997 back before he was a superstar of golf and could be a sign of minor financial desperation on his part.

Woods is believed to have paid his ex-wife $100 million in a settlement, though the scandal leading to the divorce may have forever damaged his image as a spokesperson. Talent agency IMG recently lost the Woods account, though it’s apparently no longer that big a deal since commissions for this year have fallen to just $1.5 million.

Gillette, Accenture, Tag Heuer, and Gatorade have all dropped woods, leaving Nike and Electronic Arts as major sponsors. While Tiger Woods PGA Tour ’12 set a record in sales for the first week, his Nike promotion money was reportedly cut from $20 million to $10 million as a response to his indiscretions.

“That’s not surprising, said Bob Dorfman of Baker Street Advertising about the Nike pay cut. They’re not going to release him entirely, because that’s not the way they are, but [a pay reduction] would not surprise me at all.”

While recent reports have placed Tiger’s 2011 endorsement haul at somewhere between $60 and $75 million, this new estimate put the total closer to $20 million. This is added to the fact that Woods PGA attendance has been cut back due to injury, that he simply hasn’t won a golf tournament (and thus the biggest winnings) since before the accident that put his professional and personal life into turmoil and tens of millions of dollars in mortgage payments.

Mark Steinberg, the agent for Woods, denies any financial problems for his client. “Tiger Woods is financially sound and strong, contrary to wide-ranging rumors and inaccurate figures in the media. Stating anything else is incorrect and factually baseless.”

“Tiger remains one of the most popular and visible athletes in the world, demonstrated by television ratings, tournament attendance and various empirical polls,” added Steinberg. “His endorsement future is strong and any additional partnerships will be announced at the appropriate time.”

Source: features.blogs.fortune.cnn.com