Dick's Sporting Goods completed the purchase of the intellectual property rights to the
Top-Flite brand from Callaway Golf Company. The intellectual property rights
acquired include all Top-Flite trademarks and service marks world-wide. The purchase price wasn't disclosed.

“Top-Flite is an established innovative brand that is trusted by golfers
at every skill level,” said Edward W. Stack, chairman and CEO. “Through
this acquisition, we've added a strong, highly recognized name to our
portfolio while gaining a valuable competitive advantage in the golf

In a separate statement, Chip Brewer, president and CEO, Callaway Golf, said, “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. Our strong working relationship with Dick's Sporting Goods went a long way towards the completion of this agreement and we look forward to their stewardship of the Top-Flite brand.”

Brewer took the helm of Callaway Golf Company on March 5, 2012. Earlier this year, Callaway Golf completed the sale of the Ben Hogan brand, which the company acquired along with Top-Flite in 2003, to Perry Ellis. Both divestitures followed a global restructuring at Callaway Golf Company that streamlined the organization and aimed to reduce costs and increase the focus placed on the company's core business units.