Faldo drops Mizuno and signs for Adams on "lifetime" contract

Plano, Texas  -  The Adams Golf Company, makers of Tight Lies fairway woods, has revealed that Nick Faldo has signed a "lifetime" contract that will include Faldo's participation in the design and development of new products and the establishment of nationwide design centers open the the public.

The announcement was made by Barney Adams, the company's CEO and founder, and Faldo.

Though specific terms were not announced, the contract makes Faldo a stockholder in the company. Adams Golf also announced today that it has filed a registration for a public offering.

Faldo had been endorsing Mizuno clubs, but negotiations for a renewal broke down and he was a free agent. Faldo is the first name player signed by Adams, though the company claims that the club has been used by such players as Jack Nicklaus and Tom Watson.

The clubs are characterised by a design that is the opposite of a conventional fairway wood: it features a flat crown, shallow face and convex sole. The first club was introduced in 1995. That first year, sales reached $2 million and last year were about $50 million to become one of the biggest success stories in golf.

"Nick and our team will be working on new products," said Adams. "When I first met with John Simpson, Nick's manager, I explained to them that I was not interested in an endorsement relationship, where I give someone money and they play our clubs.

"I was only interested in a partnership relationship where I could have access to the expertise of a great tour player. That's the premise under which we're starting."

Faldo said he is already using Tight Lies fairways woods, and depending on the course, could use the 3-wood, 4-wood and 5-wood. He added that he will also participate in the design in new products, including irons.

"We're going to work very hard to create a lot of new things in the golf market -- new irons, new putters, new drivers, everything. I feel I've got some ideas I can bring to the table.

The goal is, when things go in my bag, that means they're ready. When I'm playing them, they're ready."

The company also announced plans to establish a series of consumer testing centres around the world. "We want to bring the whole research process closer to the public," Adams said.

"I think I'll be far more involved in testing," said Faldo. "Barney's been in the business a long time and he knows how to make things happen. The beauty of this relationship is that it's a clean sheet. We're able to go in whatever direction we want to go in."