Woods announced on Twitter that he would retain Steinberg’s services even though the latter no longer works as a representative for IMG. Woods had been represented by IMG since turning professional in 1996, but his agent for the last 12 years did not renew his contract with the agency when it expired two weeks ago.

“Staying with Mark Steinberg. Total confidence in him,” Woods posted on Twitter. “Excited about the next stage in my professional life.” Woods became the first athlete to reach US$1 billion in career endorsements just weeks before revelations about his private life emerged 20 months ago.

Since the scandal exploded into the public domain, Woods has not won a tournament and has slid from No.1 in the world golf rankings to 15th. However, Steinberg is confident Woods still has commercial appeal for sponsors.

“There's a lot of interest in him,” Steinberg told CNBC. “We just have to get him back on the golf course so that corporations that want to capitalise on him can do so...I'm flattered Tiger Woods is sticking with me. We've been together for 12 years and we've been through a lot together. I appreciate his loyalty.”

Steinberg added that he has not decided whether to sign with another management agency or set up his own company. “I'd like to build a very big golf clientele, but I'm also interested in multi-sport representation,” he said. “I have to decide whether I want to form an alliance or go out on my own. I have done a lot of listening these past few weeks and I will continue to listen.”