( CNN ) -- He may not have won a tournament in almost two years , but Tiger Woods can still be a major force in golf according to his new high-profile sponsor . Woods lost some major backers in the wake of the scandal about his marital infidelities , including Tag Heuer . But another high-end watch-maker , Rolex , has taken on the fallen former world No . 1 . `` Rolex is convinced that Tiger Woods still has a long career ahead of him and that he has all the qualities required to continue to mark the history of golf , '' read a statement on Wednesday from the Swiss company , which also sponsors CNN 's Living Golf Show . `` This association pays tribute to the exceptional nature of Tiger Woods and the leading role he plays in forging the sport 's global appeal . '' Rolex has a history of linking with golfing greats , including 18-time major champion Jack Nicklaus , Arnold Palmer and Gary Player . It is the second backing for Woods ' commercial value in two days , with influential business magazine Forbes keeping the 14-time major winner at the top of its `` most valuable athlete '' standings with a brand worth of $ 55 million . It cited his June deal with Japanese medical group Kowa as evidence that he was far from a spent force . Woods dropped out of the world 's top 50 this week ahead of the PGA Tour 's fall season Frys.com Open -- a minor tournament that he has never played before . He has not stepped out for an official event since the PGA Championship in August , but will make his ninth start of an injury-plagued season as he warms up for the Presidents Cup in Australia next month -- having been given a wild-card place by U.S. team captain Fred Couples . `` I 'm excited to be back . I 've had good practice sessions at home and am eager to get back under the gun , '' Woods said ahead of the California tournament . Woods ' website said he shot a course-record 10-under-par 62 last Saturday at his new home course in Jupiter , Florida -- the Greg Norman-designed Medalist Club . He will play the opening rounds at CordeValle Golf Club , near San Jose , with 2010 British Open champion Louis Oosthuizen of South Africa and U.S. amateur Patrick Cantlay on Thursday and Friday .
Tiger Woods signs new endorsement deal with Swiss watch-maker Rolex . American had been dropped by big-name sponsors after scandal broke . The golfer has signed a five-year contract worth an estimated $90 million to be the face of Rolex's luxury watch brand. Woods will play PGA Tour fall season event in California , starting Thursday .