Don't miss

Replay


LATEST SHOWS

THE DEBATE

Wannacry more: How vulnerable are we to cyber attacks?

Read more

FOCUS

Spain struggles to tackle violence against women

Read more

MIDDLE EAST MATTERS

How drones are transforming the battleground in Syria

Read more

ENCORE!

Film show: The Netflix debate, 'Faces Places' and 'Marnie'

Read more

EYE ON AFRICA

Over 8,000 migrants rescued from Mediterranean in 48 hours

Read more

THE DEBATE

Farewell to arms? Crucial step for Colombia peace process

Read more

IN THE PAPERS

Angela Merkel softens resistance to gay marriage

Read more

IN THE PAPERS

'Medically assisted procreation for everyone?'

Read more

BUSINESS DAILY

Tracking the ransom payments amid latest global cyberattack

Read more

Golf: Adidas sells TaylorMade equipment to US fund

© GETTY IMAGES NORTH AMERICA/AFP | World no.2 Rory McIlroy was unveiled as TaylorMade's latest player just a day before Adidas announced it was selling the leading golf brand

BERLIN (AFP) - 

German sports giant Adidas said Wednesday it had agreed to sell its golfing brands TaylorMade, Adams Golf and Ashworth to US fund KPS Capital Partners for $425 million (390 million euros).

The deal came just a day after the sport's world number two Rory McIlroy signed an equipment deal worth $100 million over a decade with TaylorMade.

Adidas said it expected the KPS deal to be completed before the end of 2017. The sale comes a year after Adidas said it wanted to offload its golfing business which was damping profit margins.

"We are concentrating clearly on our primary competencies in footwear and sports clothing and on our two main brands Adidas and Reebok," Adidas CEO Kasper Rorsted said in a statement announcing the sale.

Though it remains the global number one player in its sector, TaylorMade saw sales dip one percent last year to 892 million euros amid falling player numbers in the United States.

Dropping its golfing brands will land Adidas with an exceptional hit to its 2017 accounts of around 100 million euros.

© 2017 AFP