Tiger Woods ended speculation on Friday, announcing that he will not be playing in the 2015 Arnold Palmer Invitational at Bay Hill. Woods, 39, won the event in 2012 and 2013, but hasn't return to the tournament since. Despite his absence, the former world No. 1 believes it will be a successful event.

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"I spoke to Arnold today and told him that I will not play in his tournament this year," he wrote on his official website. "I'm sorry I won't be in Orlando next week, but I know it will be a really successful event. I've put in a lot of time and work on my game and I'm making strides, but like I've said, I won't return to the PGA Tour until my game is tournament ready and I can compete at the highest level."

Woods returning to the PGA Tour as early as next week was never in the realm of possibility. Chronic injuries have plagued him in recent years. A longer timetable for a return was always in the cards.

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According to Woods himself, that timetable is April for the 2015 Masters at Augusta National Golf Club.

"I hope to be ready for the Masters, and I will continue to work hard preparing for Augusta," he added. "I want to thank everyone again for their support."

The Masters will be held from April 9-12 in Augusta, Georgia. It is the 79th edition of the tournament and the first of golf's four major championships to be held in 2015.