Callaway's Dreary Sales News Offset By Rumor Of Joint Acushnet Push As Final Bids Are Due

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Miracles do happen! And on a Friday of a dreadful earnings report to boot. Thank God Wall Street is above the Friday news dump shenanigans we see from politicians.

From Reuters:

Blackstone Group LP (BX.N) is teaming up with Callaway Golf Co (ELY.N) for a possible bid for Fortune Brands Inc's (FO.N) golf business, two sources familiar with the matter said.

A deal could be worth up to $1 billion, one of those sources said. Final bids for the auction, which has attracted interest from Asian bidders, are due on May 9, that source added.

Meanwhile, they freed up some cash by selling three Carlsbad buildings to help pay the fees of two Blackstone junior associates working on the purported bid, reports Pat Maio.

The buildings were sold in March but leased back as part of the company's global plan to reduce more than $84 million in expenses since it launched a cost savings program five years ago.
George Fellows, president and chief executive officer of Callaway, and Brad Holiday, chief financial officer, said in an interview that the golf equipment maker still has $35 million to $40 million left to shave in expenses by 2013.

"It doesn't stop there," Fellows said. "You always look to further improve the value of the company."

Thought I'd get through this without a v-word dropping. Oh well.

Now, I don't know a lot about business, but why would a successful private equity firm team with a fledgling golf company want to buy a successful golf company? Please, help me here?

If Deane Beman Was Commissioner (Again) For A Day: Equipment Regulation!**

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Thanks to reader Ken for sharing the sequence from today's Morning Drive where Deane Beman and Adam Schupak were plugging their new (and of the many parts I've read, excellent) book. Co-host Tony Erik Kuselias asked:

"Tomorrow you get to be commissioner again and you are complete czar and you can do whatever you want and everybody will agree, what's the ONE thing you'd like to see get done that has not been done right now."

Beman's reply?

"My greatest regret is that I was not able to influence the direction of technology in golf. I think it has had a dramatic effect on how the game is played, on the cost of golf being played today. There's m-billions (Couldn't tell if it was M or B) of dollars that have been put into golf courses to try to accomodate the best players in the world. and it's not just tour courses, it's every course around the country. Just in case Tiger Woods happens to come and play your course and you don't want him to shoot 60.
 
"Everybody has increased the speed of their greens to levels that the average player can't handle. The cost of maintenance of golf courses has risen, therefore the cost of memberships, the cost of green fees have gone up. All to, in my opinion, the detriment of golf."

At this point co-host Gary Williams saw his rally kill light go on and jumped in to protect the best interests of baseball by asking him about appearance fees!

St. Andrews Golf Club To Admit Women

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The Guardian's Severin Carrell reports on the big change for St. Andrews. Naturally, despite the story describing the St. Andrews clubhouse, they ran a photo of...you guessed it...the R&A clubhouse, which is definitely not the St. Andrews Golf Club.

The committee at the St Andrews Golf Club, which is run from a handsome Victorian mansion overlooking the greens and fairways of the fabled Old Course, has written to its 2,000 male members recommending that it admit women to the club. The club, founded in 1843, has warned its members that under the new Equality Act, the club could face prosecution for failing to allow women to join. Keeping the ban would be a "retrograde step" as it would mean women would also have to be barred from its clubhouse as guests.

Its past club captains and trustees had decided that allowing all members, regardless of their gender, to have full access to all its bars and facilities would be "the best way, in their opinion, of safeguarding the long-term wellbeing of St Andrews Golf Club", the members were told.

Down boy, down boy. Contain your enthusiam!

John Daly Sheds Light On Tiger's Marriage...Really

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Even better the four-time husband offers some brilliant PR advice on The Zone, 790 in Georgia reports the Guyism blog.

Mayhem: Once you put that ring on your finger, you don’t get that opportunity anymore…

John: Well, you should if your wife is good to you and makes loves to you when you want to be made love to….my exes, they didn’t want to have sex anymore. And when that happens, if you’re not going to give it to me, I’m going to get it from somewhere else. Is that adultery? Maybe so. But from what I understand, when you’re married, they’re supposed to give it to you.

Mayhem: Can Tiger Woods go up to a podium or a microphone, and say, here’s the deal, I’m not getting it anymore and quite honestly I’ve had enough?

John: Exactly, that’s what I did

And look how well that's worked out for you!

Mayhem: Could he have gotten away with that with his public persona?

John: I think so

You can listen to the wisdom here.

Early reviews are in and Long John has outdone himself!

Gary D'Amato writes:

John Daly has inserted his foot in his mouth on plenty of occasions throughout his PGA Tour career, but the two-time major champion outdid himself in an interview on 790 The Zone in Atlanta.

Steve Elling writes:

Let's see, this classy little NC-17-rated radio conversation ought to add to Daly's tour-topping fine total, huh?