Tiger Woods and Elin Nordegren finalize divorce

08/23/2010 by Corinne Heller

Tiger Woods and Elin Nordegren have finalized their divorce in Panama City, Florida following a sex scandal that had tarnished the golf champion's image and had threatened his career.

"We are sad that our marriage is over and we wish each other the very best for the future," People magazine quoted the two as saying in a statement. "While we are no longer married, we are the parents of two wonderful children and their happiness has been, and will always be, of paramount importance to both of us.

The magazine said Nordegren, a 30-year-old Swedish-born model and student, may receive at least $100 million in assets as part of the divorce settlement, whose details were not disclosed, adding that the couple wants to share custody of their two children, Sam Alexis, 3, and Charlie Axel, 1.

Woods, 34, earlier this year apologized publicly about his infidelity and has undergone therapy. One alleged mistress, Rachel Uchitel, is set to star in the reality show Celebrity Rehab.

Despite the scandal, when began around November after reports of alleged infidelity surfaced following a car accident outside of his home, Woods was named No. 1 on Sports Illustrated's list of the 50 top-earning American athletes for the seventh consecutive year and has over the past year made $90.5 million, including $70 million from endorsements.

His earnings were down more than $9 million this year and he lost several endorsement deals from companies such as Gatorade and AT&T after news broke he had cheated on Nordegren.