Tiger Woods’ TMRW Sports valued at $500M thanks to golf leisure boom

The GIST: On Monday, Tiger Woods and Rory McIlroy’s TMRW Sports — parent company of the tech-forward TGL golf competition — announced that it’s valued at nearly $500M, impressive considering TGL hasn’t even begun play. Without any product to show yet, the valuation speaks volumes about the league’s owners and investors, as well as the booming golf leisure space.

How it works: TGL is set to tee off in January 2025 after a year delay due to technical issues at its landmark SoFi Center facility. With 24 PGA golfers signed on for the inaugural season, TGL will host two-hour weekly golf competitions between six teams representing six cities, which will air in primetime on ESPN. The competition will take place both on a real green and with a golf simulator.

• While the LPGA and PGA individualize golfers, newer collaborations like LIV and TGL and mixed competitions such as Capital One’s The Match have re-envisioned golf as a team sport. Three’s a par-tee.

The investors: All of TGL’s franchises boast experienced owners in the sports world. The LA team has drawn particular celebrity interest: Serena and Venus Williams and Alexis Ohanian are all owners. Alex Morgan and Michelle Wie West also signed on as investors, with Wie West explaining in October that TGL can “democratize golf.”

The space: The golf leisure ecosystem is booming. After golf equipment brand Callaway merged with TopGolf in 2021, the new-look golf franchise generated $4.2B in 2023 sales. And TGL–owner Woods has taken over the space with mini golf franchise PopStroke and his T-Squared Social Club, a sports bar with Full Swing golf simulators and famous patrons.

• Golf has been an exclusive club for so long, but seasoned athletes and investors recognize the growing desire to pick up clubs in a different way — 29% of recreational golfers credit TopGolf as their meet-cute to the game. TGL’s valuation proves betting on golf leisure is a sure thing — and that Woods knows how to turn a profit.