Mike Ehrmann/Getty Images(NEW YORK) – Adidas is getting out of the golf game.
The company announced Wednesday that it’s selling off its golf equipment brands to equity firm KPS Capital Partners for $425 million.
TaylorMade, Adams Golf and Ashworth brands are all part of the deal.
The company’s revenues from golf equipment have suffered, falling to just above $500 million in 2016, down from $1.7 billion in 2012.
While Adidas has decided to stop making equipment, golfers will continue to wear the company logo on the golf course. Dustin Johnson and Sergio Garcia are among the athletes who have a sponsorship
deal with the company.
Copyright © 2017, ABC Radio. All rights reserved.