“Valvoline enjoys a long history as both a sponsor and technical partner in motorsports,” Ashland spokesman Ken Gordon wrote to CNBC via e-mail. “The Valvoline sponsorship of Steve Williams extends from our racing partnership with him in New Zealand, and is consistent with Valvoline’s focus on performance. We see no reason to waiver from our commitment to motorsports or Mr. Williams.”
Williams told the Sunday News of New Zealand earlier this month that he had no knowledge of Woods' alleged affairs.
Williams has kept his deal with Valvoline despite the fact that competitor Chevron is a sponsor of the Tiger Woods Foundation and the World Challenge event that just took place last month without the world’s No. 1 golfer in attendance. Chevron spokesman Morgan Crinklaw told CNBC on Tuesday that nothing has changed regarding the company’s relationship with Woods since it last issued a statement ten days ago. In that statement, the company said it was was “closely monitoring ongoing events to better understand how our partnership with the foundation may be impacted.”
Williams is also sponsored by two of Woods' sponsors, Nike Golf and Swiss watch company Tag Heuer.
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