“We see this as an opportunity to add utility patents to our already significant intellectual property portfolio,” said Ping President John K. Solheim, in a statement. “Our team can use these patents, along with our existing intellectual property, to our competitive advantage, accelerating our ability to further technology that ultimately leads to higher performing, score-lowering golf equipment.”

Terms of the patent sales weren’t disclosed. A Ping spokesman said the company has purchased additional Nike golf equipment patents, but those sales are not yet reflected in patent records.

The U.S. Patent and Trademark Office lists 1,237 Nike patents related to golf. Some are footwear and apparel patents that Nike would likely seek to retain.

“As a part of our exit from the golf equipment business we have sold certain patent assets that were developed in connection with the innovations created as a part of Nike’s golf club and ball business,” Nike said, in a statement. “We are proud of the innovations created by the Nike Golf team and are happy that consumers will still be able to benefit from those patented innovations.”

While Nike is no longer in the golf equipment business, it continues to make golf footwear and apparel, recently extending its endorsement deal with No. 2 golfer Rory McIlroy and signing No. 3 golfer Jason Day.

“We’re committed to being the undisputed leader in golf footwear and apparel,” Trevor Edwards, Nike Brand president, said in a news release, when Nike announced its exit from the golf equipment business. “We will achieve this by investing in performance innovation for athletes and delivering sustainable profitable growth for Nike Golf.”

Nike’s golf sales fell 8 percent in fiscal 2016, dropping from $769 million to $706 million. It was the third straight year of declining golf revenue. The division had peaked at $792 million in 2013.