Tiger Woods saves $4 million, gets golf tournament sponsor

Tiger Woods won the World Challenge in 2011. (USATSI)
Tiger Woods won the World Challenge in 2011. (USATSI)

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Last year the Tiger Woods-hosted tournament dubbed the "World Challenge" went without a sponsor. It was presented by Northwestern Mutual but Tiger himself had to reportedly fork over $4 million of his own money to cover the costs. Northwestern Mutual is now the full-time sponsor.

The tournament, held at the beginning of December at Sherwood Country Club, had been sponsored by Chevron since its inception in 1999 through 2011 until Woods personally supported it last year.

You might be wondering "why would Tiger just give up $4 million to keep a silly tournament afloat that only has 18 golfers in it and isn't even considered an official event?"

Good question.

Bob Harig of ESPN has your answer in the form of a Tiger quote from last year's event about his foundation which is closely associated with the tournament:

"What's important is that if it wasn't for this tournament, we wouldn't have the success with the foundation. The Learning Center [in nearby Orange County] would not have happened. We wouldn't have gained the awareness that we have now. There have been so many kids that we have helped just because of this event. It's important to me, to the foundation. This is what got us on the map."

And thankfully for Tiger, this year it won't even cost him $4 million to do it.

For more golf news, rumors and analysis, follow @EyeOnGolf and @KylePorterCBS on Twitter or Google+ and like us on Facebook.

CBS Sports Writer

Kyle Porter began his sports writing career with CBS Sports in 2012. He covers golf, writes poetry about Rory McIlroy's swing, stays ready on Tiger watch and loves the Masters more than anyone you know.... Full Bio

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