Callaway Golf has sold the Top-Flite brand to Dick's Sporting Goods for $20 million, the company announced Wednesday.
'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 new Callaway CEO Chip Brewer in a release.
'Our strong working relationship with Dick's Sporting Goods went a long way toward the completion of this agreement and we look forward to their stewardship of the Top-Flite brand.'
The sale includes trademarks, but not critical intellectual or physical property.
Callaway acquired the Top-Flite, Strata and Hogan brands in 2003 with the purchase of Top-Flite Golf in a bankruptcy sale.
The Hogan brand was sold in February to Perry Ellis International. The Top-Flite sale, agreed to March 30, comes as the company continues to restructure to concentrate on its core businesses in the Callaway and Odyssey brands.