Bankruptcy Judge OKs Top-Flite Auction Sale

Top-Flite Golf Co., which filed for bankruptcy protection last month along with parent Spalding Holdings Corp., will be sold at auction Sept. 3, a judge ruled.

U.S. Bankruptcy Judge Mary Walrath in Wilmington, Del., gave a $125-million offer by Callaway Golf Co. the inside track in the competition. Adidas-Salomon, the world’s second-largest sporting-goods maker, also has made a bid, and at least four other companies have expressed interest in Top- Flite. Bidding closes Aug. 27.

Callaway, maker of Big Bertha, Odyssey and Steelhead golf clubs, wants to buy Top-Flite to reach the market for low- and middle-priced golf clubs. Adidas wants to expand in the U.S. to close the gap with No. 1 sporting goods maker Nike Inc.