GOLF FINANCE NOTES: CHIPSHOT NEEDS CASH; CALLAWAY NEWS

          CA-based Chipshot.com "needs additional cash so badly
     that it has asked" GolfServ Online, a golf-news Web site
     Chipshot bought earlier this year, "to buy itself back for
     $500,000 in a deal expected to be finalized today,"
     according to Sharon Cleary of WSJ.com.  Cleary said, "That
     could be a bargain-basement price.  Chipshot.com had paid
     $250,000 in cash and three million shares, which had seemed
     likely to be worth a considerable sum if the company went
     public" (WSJ.com, 8/10).
          CALLAWAY: In S.D., Mike Freeman reported that Callaway
     has "brought its golf ball division closer to the corporate
     fold" by consolidating top managers overseeing the
     operation.  Callaway's top golf club execs, including
     manufacturing chief Ron Drapeau, global sales exec Mick
     McCormick and R&D "guru" Richard Helmstetter, will "now
     oversee golf balls as well," and will report to Callaway
     President Chuck Yash.  The company gave "no indication" that
     it planned to reduce its workforce (UNION-TRIBUNE, 8/9).