We’ve heard the rumours before but now it’s official. Adidas have said that it is sellling off TaylorMade, Adams, and Ashworth. Previously reports indicated they were just looking to get rid of Ashworth and Adams.
German sports group Adidas made an announcement this morning that it has engaged an investment bank regarding the possible sale of its golf brands.
Adidas has reported a recovery in its TaylorMade business, so it’s not all doom and gloom out there, despite Nike’s withdrawal from the equipment business.
An association of consultants working within the golf industry has responded to national media coverage of a report which criticised a city council for spending £2,400 on golf consultancy services.
Adidas has announced that it will sell its golf brands TaylorMade, Adams Golf and Ashworth to a private–equity firm KPS Capital Partners for $425 million.
In an interview with Yahoo Finance Mark King, who headed the company from 2003-14 before taking over as CEO of adidas USA, said that the decision to sell the golf equipment business was made in an effort to focus on the biggest growth opportunities for the company as a whole.
