Adidas has announced it’s selling its golf equipment and clothing brands as interest in the sport plummets globally.
Last year Nike said it was to “transition out” of selling golf clubs, balls, bags and apparel as profits stalled.
Many believe the waning interest in the sport follows on from the game’s biggest star, Tiger Woods’, fall from grace and slide down the world rankings.
When Woods was at his number one peak in the early 2000s, interest in the game was huge. Novices flocked to courses, particularly in the US, and the sportswear giants – who didn’t traditionally have an association with the game – paid big dollars to release gear and sponsor players.
In 2000, Nike sponsored Woods on a five-year deal worth $US100 million. When news of Woods’ extramarital affair broke in 2009 it was reported his sponsors, that include the likes of Nike and Gatorade, lost as much as $US12 billion.
Adidas’ announcement today that it is pulling out of the game will see its golf wear assets TaylorMade, Adams Golf and Ashworth sold to a private equity firm for $US425 million. Adidas had been trying to offload the loss-making brands for a number of years now.