"That means, on the apparel front, adidas will be working for Callaway in a licensee-licensor relationship."

The only reaction I had to the Taylor Made-buys-Ashworth news was that it probably made a John Ashworth-led revival of the company he started less likely, but as Robert Lohrer explains on the Styled-To-A-Tee blog, it adds to the bizarre world of Carlsbad corporate antics:

While both adidas and Ashworth are co-habitants of Carlsbad, Calif., it seemed that another giant golf company and Carlsbad mainstay, Callaway Golf, would be an ideal suitor for Ashworth. Callaway's apparel, said to be about a $60 million business at wholesale, has been successfully licensed for several seasons to Ashworth.

That means, on the apparel front, adidas will be working for Callaway in a licensee-licensor relationship.  Monday's deal, however, will likely mean that Callaway will have the right to review its contract.