Tiger Woods says he is taking an "indefinite break" from professional golf to become a "better husband" after admitting cheating on his wife.
Tiger Woods says he wants to focus on his private life
Woods made the announcement on his website following the avalanche of allegations about his private life over the last two weeks.
Several women have claimed to have been involved with the 33-year-old, who is married to the former Swedish model Elin Nordegren.
He said he was quitting the sport for the time being "after much soul searching" to focus on his family.
The statement said: "I am deeply aware of the disappointment and hurt that my infidelity has caused to so many people, most of all my wife and children.
"I want to say again to everyone that I am profoundly sorry and that I ask forgiveness. It may not be possible to repair the damage I've done, but I want to do my best to try."
Woods said he wanted to be a 'better husband' to his wife Elin
The statement continued: "What's most important now is that my family has the time, privacy, and safe haven we will need for personal healing.
"After much soul searching, I have decided to take an indefinite break from professional golf. I need to focus my attention on being a better husband, father, and person."
A storm of media attention has swirled round Woods since a minor car accident outside his Florida home on November 27.
The allegations were particularly damaging because Woods has traded on his wholesome image.
Woods did not say in his statement when he would be returning to the sport.
Socialite Rachel Uchitel is one of several women linked to Woods
But Sky's Chris Skudder said the time-out was long due.
"I was talking to Colin Montgomerie and he was saying Woods would find it very hard to return to the circuit anytime soon," Skudder said.
"There had been signs over the last six weeks that something had been eating at Woods.
"A bit of a time-out from the sport would be the right thing for him to do so he can be alone with his thoughts."
US PGA golf tour chief, Tim Finchem, backed Woods.
"His priorities are where they need to be, and we will continue to respect and honour his family's request for privacy," he said.
Jon-Christopher Bua, Sky's US political analyst, said the move would have financial implications for the sport.
"The disappearance of Tiger Woods from the PGA circuit will cut professional golf profits in half - so we shall see how this plays. Four!"