Key Points:
- The funding round, led by Dynasty Equity Partners and Connect Ventures, values TMRW Sports at about $500 million.
- TMRW’s first project, TGL, is an indoor golf league in partnership with the PGA Tour, set to launch in January on ESPN and ESPN+.
- TMRW aims to collaborate with top-tier partners and has attracted investors including Liberty Media’s Greg Maffei, Fanatics Inc. founder Michael Rubin, Justin Timberlake, and Justin Bieber.
TMRW Sports, the sports and media venture co-founded by professional golfers Tiger Woods and Rory McIlroy, has been valued at approximately $500 million following a recent funding round.
This funding round was led by Dynasty Equity Partners, co-founded by K. Don Cornwell and Jonathan Nelson, along with Connect Ventures, a partnership between Creative Artists Agency and New Enterprise Associates.
The recent capital injection, led by Dynasty Equity Partners and Connect Ventures, will support TMRW Sports’ expansion into new formats, leagues, territories, and media properties.
Michael Blank of Connect Ventures emphasized the strategic importance of this funding in driving the company’s growth and innovation in the sports industry.
Expansion into new formats and leagues
TMRW Sports’ initial project, TGL, is an indoor golf league developed in collaboration with the PGA Tour. Scheduled to launch in January, TGL will be broadcast on ESPN and ESPN+ in the US. The league will feature six teams with prominent golfers such as Tiger Woods, Rory McIlroy, Adam Scott, Collin Morikawa, Rickie Fowler, Justin Thomas, and Ludvig Aberg. Mike McCarley, CEO of TMRW Sports, highlighted the company’s goal to partner with world-class management teams and attract a broad fanbase.
High-profile investors and partnerships
In addition to the PGA Tour partnership, TMRW Sports is in discussions with other governing bodies and considering a push into women’s golf. This expansion reflects the company’s commitment to increasing diversity and accessibility in sports. K. Don Cornwell of Dynasty Equity Partners noted the appeal of TMRW’s contracted revenue from sponsors like SoFi Technologies Inc., and the strategic fit with Dynasty’s investment priorities.
TMRW Sports has also garnered significant support from high-profile investors. Early investors include Liberty Media’s Greg Maffei, Fanatics Inc. founder Michael Rubin, Justin Timberlake, Justin Bieber, and athletes such as Shohei Ohtani, Lewis Hamilton, Steph Curry, and Andy Murray.
The company aims to work with “best-in-class” partners, as evidenced by TGL’s roster of team owners, which includes David Blitzer, Marc Lasry, Steve Cohen, Arthur Blank, Fenway Sports Group, and Alexis Ohanian.
The company’s partnerships and investor backing position TMRW Sports for significant growth and success in the sports and media landscape. TMRW is also exploring partnerships with potential sports-betting partners, further expanding its reach and influence in the industry.