Newsletter

A report out of South Korea valued Callaway's equipment business at $3 billion — and the company's three largest shareholders are reportedly evaluating their positions. Callaway says it is unaware of any sale discussions. The more important question: should the equipment business be separated from Topgolf? Three

In 1943, Augusta National shut down, converted to a working farm to survive World War II. Eight decades later, it is the most commercially valuable property in golf — generating $70 million in weekly merchandise revenue and television ratings that could command a $100 million-plus media deal. Augusta captures a fraction

Platinum Equity is reportedly looking to sell Club Car at a $2 billion valuation — three years after buying it for $1.68 billion. The return would trail the S&P 500. But the more interesting story is the market underneath: a multi-billion-dollar golf cart category controlled by conglomerates that

Over 530 million rounds played. Participation up 9.4%. On-course golfers at 26.6 million. Off-course surging 19%. Every health metric in golf moved in the right direction in 2023. But the numbers underneath the headlines — supply constraints, pricing pressure, and conversion rates — determine whether the growth sustains or stalls.

There are 45 million golf participants in the U.S. and roughly three million who watch the PGA Tour on television — about 7%. Participation and viewership have moved in opposite directions for a decade. Netflix's Full Swing generated a measurable short-term bump, but the effect did not sustain.

Titleist recognized $761 million in golf ball revenue last year. Over $2 million worth of golf balls sold every day. Over $85,000 every hour. Revenue has grown nearly 40% since 2019 — adding more than $200 million in golf ball sales in four years. No company in golf has a

North Carolina is one of the top ten golf programs in the country. It loses nearly $700,000 a year. That is not an anomaly — college golf does not generate profit at any level. The programs that compete for national championships are funded almost entirely by donor capital, and the

One golf course lost nearly $2 million in a single year from tee times canceled within 48 hours of play. Tee time cancellations are one of the most underappreciated economic leaks in golf — and with record demand on a shrinking supply base, the cost of every unfilled slot is rising.

Five years ago, the best college golfer in America was guaranteed nothing. Brooks Koepka won three times his senior year and spent two years on the Challenge Tour before reaching the PGA Tour. Today, the No. 1 ranked college golfer receives a PGA Tour card, and underclassmen are leaving school

A golf course in a Nebraska town of 517 people sold out 11,000 tee times in under three hours — roughly $7 million in green fees. Bandon Dunes employs 700 in a county that lost 83% of its lumber jobs. Sand Valley is the largest employer in Adams County, Wisconsin.