SBD/January 21, 2011/Marketing and Sponsorship

Chips & Putts: Adams Golf Acquires Assets Of Yes! Golf

Adams Golf announced yesterday that it won Tuesday's U.S. Bankruptcy Court auction for the bulk sale offering of Yes! Golf and its related assets, with a bid of $1.5M and a total purchase cost of $1.65M. Yes! Golf will be integrated into the Adams Golf operations. The purchase is subject to funding that is expected to occur by the end of this week (Adams Golf). GOLFWEEK's Adam Schupak wrote Adams acquired Yes! with "hopes of becoming a more serious player" in the putter business (GOLFWEEK.com, 1/19).

CAN I HAVE THAT BACK? BLOOMBERG NEWS' Calkins & Harris reported IMG Worldwide has been "sued for $10.5 million by alleged swindler R. Allen Stanford’s court-appointed receiver, who seeks to recoup sponsorship fees and expenses." Receiver Ralph Janvey sued IMG Tuesday in federal court in Dallas, claiming that the company "shouldn't be allowed to keep the money paid to promote" Stanford Financial Group. The fees sought in the lawsuit were "used to promote" the Stanford International Pro-Am tournament and golfer Vijay Singh, an IMG client. IMG Senior VP/Corporate Communications Jim Gallagher said that the company "has no comment until it has had a chance to review the lawsuit" (BLOOMBERG NEWS, 1/19).

NOTES: The PGA of America has signed a deal with Quebec-based Sunice to supply rain suits for next year's Ryder Cup, replacing Sun Mountain Sports, which "suffered the ultimate embarrassment when PGA officials" bought replacements for their gear during the '10 Ryder Cup (ORLANDO SENTINEL, 1/20)....IMG has announced Colin Montgomerie as the new ambassador for Golfing World, the golf media platform launched by IMG in '10. In addition to TV programming, Golfing World offers several online and mobile assets (IMG).
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