Adidas AG finally found a buyer for its TaylorMade golf division — but not at the price it envisioned.

The sporting goods giant reached a deal to sell the maker of clubs, bags and balls to New York private equity shop KPS Capital Partners — a firm that specializes in turnarounds.

While the deal was announced at $425 million, KPS will put up only about $200 million in cash, two sources close to the situation said.

The difference between the two prices could be covered with earn-outs and the repayment of a secured loan Adidas is making to TaylorMade, the sources said.

“I’ve heard it is $200 million and not a lot of upside,” a source said.

A year ago, Adidas announced it was selling its golf division and was seeking more than $500 million, a source said. Suitors were hard to come by.

KPS is best known for its 2009 acquisition of luxury home-goods maker Waterford Wedgwood, which was losing around $100 million a year.

The firm made the business profitable by consolidating manufacturing in Indonesia and cutting the workforce, a media report says.

TaylorMade, as of a year ago, was losing around $75 million.

The brand’s reputation is largely based on its market-leading drivers. Earlier this week, it made a splash when it signed golfer Rory McIlroy to a $100 million endorsement deal.

Rival Callaway earlier this year introduced a completely new driver, the Epic, which takes direct aim at TaylorMade.

Adidas said it will book a charge anywhere from high-double-digit to low- triple-digit millions of euros as part of the sale.

Meanwhile, Adidas, as part of its move out of the sporting goods space, is weeks away from taking first-round bids for its hockey division, CCM, which is earning about $10 million in annual Ebitda, a source said.

KPS declined to comment for this story.