Albany, GA, October 24, 2006 - MacGregor Golf, maker of MACTEC premium golf equipment, announced today that it has agreed to acquire the Greg Norman Collection apparel business (“GNC”) from the adidas Group. At the same time, it disclosed that Greg Norman has purchased a significant equity stake in MacGregor Golf.

The two companies, with combined annual sales of more than $150 million, will be operated post-closing on a consolidated basis with MacGregor Golf’s CEO, Barry Schneider, and Norman controlling a majority of the shares.

“The real winner in this transaction is the golf consumer. Greg Norman is totally engaged in this business, and his unique talent and uncompromising approach will make us a better company,” said Barry Schneider, Chairman and CEO of MacGregor Golf. “We do not want to be the biggest golf company in the world, only the best. This transaction is another step down that strategic path.”

Norman will serve on the MacGregor Golf Board of Directors and will take on a proactive role with sales and marketing, product development and international distribution.

“ I have experienced the benefits of Cup Face 360°™ technology, and believe in the vision Barry has laid out for MacGregor Golf,” said Greg Norman. “And I feel a tremendous sense of pride and gratification in acquiring a significant ownership stake in the brand that bears my name. Greg Norman Collection has exceeded my expectations over the years, and I am looking forward to working with the existing management team to build on the momentum we have established.”

The transaction is highly synergistic as MacGregor’s strong international operations, particularly in Japan and South Korea, will afford Greg Norman Collection a robust and structured entrée into these two coveted Asian markets. At the same time, Greg Norman Collection, which has achieved 12 consecutive quarters of sales growth, contributes quality US distribution and a growing domestic market share.

MacGregor Golf and Greg Norman Collection will maintain their independence with corporate offices in Albany, GA, new York, NY and Canton, MA, respectively. Reid Gorman will continue to serve as President of MacGregor Golf, while Suzy Biszantz will remain as President and Chief Executive Officer of Greg Norman Collection.

As a combined entity, MacGregor Golf and Greg Norman Collection will possess a diversified portfolio that has the scope and agility to capitalize on opportunities in both golf and leisure.

JPMorgan advised MacGregor Golf on the transaction, which is expected to close during Q4, 2006. Financial details will not be disclosed.

About MacGregor Golf
Albany, Georgia-based MacGregor Golf, the second oldest golf company in the world, has a storied 109-year history filled with innovation and PGA Tour success including a record 59 Majors. MacGregor Golf designs and manufactures a complete line of innovative golf equipment that makes the game easier and more fun for all golfers. MACTEC™ drivers, fairway woods, irons, wedges and Bobby Grace™ putters are marketed under the MacGregor brand. A full line of high performance outerwear, featuring lightweight, soft and quiet jackets and pants with 100 percent waterproof protection are marketed globally under the Tourney™ brand.

About Greg Norman Collection
Greg Norman Collection, a division of Reebok International Ltd. which is a subsidiary of the adidas Group, is a leading worldwide marketer and distributor of men's sportswear, golf apparel and accessories. Established in 1992, Greg Norman Collection is inspired by one of the world's leading golf professionals, the man they call “The Shark.” Reflecting his adventurous spirit and confident, independent style, the collection captures Greg Norman's powerful elegance, enthusiasm and passion for an individual design sense. The Collection began with a golf-inspired knitwear line and has since become a complete lifestyle collection, identified with the four color shark logo.

About the adidas Group
The adidas Group is one of the global leaders in the sporting goods industry, offering a broad range of products around the three core segments adidas, Reebok and TaylorMade-adidas Golf. Headquartered in Herzogenaurach, Germany, the Group has more than 25,000 employees worldwide and sales of around € 9.5 billion.