Top-Flite golf balls
Callaway Golf has sold the Top-Flite brand to Dick's Sporting Goods, Inc., a major sports retailer in the United States.
According to documents filed with financial regulators in the United States, the sale is said to be worth $20-million in cash, however, Callaway will retain the intellectual property.
"The decision to sell Top-Flite reflects the Company's renewed focus and commitment to driving the proficiency of our core businesses, specifically the success of Callaway and Odyssey products," said Callaway President and CEO Chip Brewer, who assumed that position with the Carlsbad, Calif. company only a month ago.
At one time, Top-Flight was considered among the leading golf balls in that segment of the golf market. Jim Furyk won the 2003 U.S. Open using a Top-Flite Strata golf ball. However, by 2005, it was estimated that Top-Flite held just 12-percent of the market share and with the sale this week, that figure is believed to be about 4-percent.
Earlier this year, Callaway completed the sale of the Ben Hogan brand to Perry Ellis International, a leading designer, distributor and licensor of a broad line of high quality men's and women's apparel. Callaway had acquired Top-Flite Golf, which included Ben Hogan and Strata brands, in 2003 for $125-million.