From $500 million to $1 billion in two years
TMRW Sports, the parent company of TGL, is closing a new funding round that will lift the companys valuation to $1 billion. The news was first reported overnight by Front Office Sports.
The rise has been swift. After its Series A, the company was worth close to $500 million. Last years round pushed that figure to $650 million. So the valuation has doubled in just two years.
Talks between TMRW and some investors reportedly date back to July, around the World Cup final. Dynasty Equity, co-lead on the 2024 Series A, is taking part in the new round. Connect Ventures, the other co-lead at the time, has yet to say whether it is following.
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Woods, McIlroy and a rare kind of address book
TMRW Sports was founded in 2022 by Tiger Woods, Rory McIlroy and Mike McCarley, the former president of Golf Channel. The idea is simple enough: an indoor golf league played by teams, built for TV and the evening slot.
The shareholder list says plenty about how appealing the product is to American franchise owners. David Blitzer, co-owner of the Philadelphia 76ers, New Jersey Devils and Washington Commanders. Arthur Blank, owner of the Atlanta Falcons. Carolyn Tisch Blodgett, co-owner of the New York Giants and governor of Gotham FC. Fenway Sports Group, which also owns Liverpool and the Boston Red Sox.
There are plenty of outside names in there too: Alexis Ohanian, Michael Rubin, Justin Bieber and Shaquille ONeal.
What the figure says about golf
A $1 billion valuation for a competition launched two seasons ago, with no historic rights and no trophy cabinet to lean on, tells you investors are backing the short format and prime time rather than traditional four-day golf.
One question the number does not answer: is the valuation chasing the audience, or is it racing ahead of it?
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