( CNN ) -- Tiger Woods and General Motors have announced that they will conclude their nine-year endorsement deal at the end of December . World number one Woods is happy to have more 'personal time ' with wife Elin expecting their second child . The parties agreed to a `` mutual and amicable separation '' that included a desire for more personal time for 14-time major winner Woods whose wife Elin is expecting their second child . And GM say the company is searching for `` budget efficiencies '' during a difficult economy . World No . 1 Woods has endorsed GM products around the world for the past nine years and has been heavily associated with the Buick brand in the U.S. , Canada and China markets . The endorsement deal , believed to be worth at least $ 7 million a year , was to end in 2009 . Woods ' agent at IMG , Mark Steinberg , said the decision to end the relationship one year early was `` absolutely mutual . '' `` It was a combination of things , '' Steinberg said . `` Tiger was looking to gain some more time , and certainly it was an opportunity for GM to reduce its spending with everything going on . '' GM 's vice president for North American sales , Mark LaNeve , says the separation is the result of discussions earlier in the year and is not related to the company 's campaign for $ 25 billion in loans from the federal government . In a Web site statement , Woods commented , `` I am very proud of the long standing partnership I 've had with GM and have enjoyed being a part of the company 's dramatic product evolution . `` We 've had a lot of fun together and I participated in some unique and rewarding activities . We 've enjoyed a tremendous partnership over the years and we will maintain strong ties with the many people at GM we call friends . '' Woods has yet to decide when he will be fit to return to the circuit following knee surgery after winning the U.S. Open in June at Torrey Pines . There has been speculation it could be early February for the defense of his Buick Invitational title on a course -- Torrey Pines -- where he has won five straight events . `` That 's the most frustrating thing for me , because I do n't know , '' Woods said recently . `` I like having things planned out . I like understanding what I need to shoot for , but I do n't know . `` And the surgeons do n't know , either , because they 've never dealt with an injury like this for a person who plays golf at an elite level . ''
Tiger Woods and GM are ending their nine-year endorsement association . General Motors searching for `` budget efficiencies '' during difficult economy . Woods wants more personal time with wife Elin expecting a second child .