GBR Friday | Trump Assembles Golf Power Brokers As Industry Giants Brace For Earnings Reports

Every Tuesday and Friday Morning, We Bring You the Ten-Minute Summary of What Happened Last Week in the Golf Industry While you Were Golfing.

Feb 21, 2025

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Good morning, GBR community!

Donald Trump had a busy week. Not only is he trying to get negotiations moving to end the conflict between Russia and Ukraine (we’re not making any judgments on what’s happened this week), but he also found time to host Messers Monahan, Al-Rummayan, Woods, and Scott at the White House yesterday, further fanning hopes that a deal can be reached soon to unify the men’s game again. Meanwhile, the industry braces for a key earnings week, with major players reporting 2024 results. But first, here’s what’s shaping golf since Tuesday:

Industry
Circuits
Equipment
People To Watch
Just for Paid Subscribers: Earnings Season Kicks Off: Acushnet, Topgolf Callaway, And Trugolf Under Our Radar
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1. INDUSTRY

TRUIST CHAMPIONSHIP EXPANDS HOSPITALITY OPTIONS AMID HIGH DEMAND

The PGA Tour is expanding its hospitality offerings for the 2025 Truist Championship at Philadelphia Cricket Club’s Wissahickon Course, introducing a new premium venue to accommodate soaring demand. According to the Philadelphia Business Journal, the tournament will unveil the Broad Street Seats, a hospitality space overlooking the 15th green, available for booking in blocks of eight seats. Tournament Executive Director Joie Chitwood stated that pricing for these premium seats is still being finalized, but each block will likely cost around $30,000. With 25 blocks available, the addition will provide another 200 seats for fans seeking an upgraded experience at the event, which runs from May 8 to May 11.

The response from the Philadelphia market has been overwhelmingly positive, with nearly all of the originally available 70 hospitality blocks already purchased. Other hospitality options, primarily located along the 15th to 18th holes, range in price from $50,000 to $200,000, offering premium experiences for groups of 16, 30, or 60 guests. General admission ticket sales have also been strong, with Chitwood expressing confidence that the event will sell out. Given the high demand, the additional premium seating underscores the excitement surrounding the Truist Championship’s debut in Philadelphia, further solidifying the region’s enthusiasm for professional golf. The original story in the Philadelphia Business Journal by Emma Dooling is available here.

RECORD DEMAND SEES OPEN CHAMPIONSHIP SELL OUT AS R&A LAUNCHES RESALE PLATFORM

General admission tickets for the 153rd Open Championship at Royal Portrush have officially sold out, following unprecedented demand that saw over one million applications submitted through the R&A’s public lottery. The overwhelming interest shattered previous records for the event, with an estimated 280,000 spectators set to attend the four championship rounds and four practice days—almost 40,000 more than in 2019 when Shane Lowry claimed the Claret Jug. While general admission is fully booked, golf fans still have a chance to secure tickets through the R&A’s resale platform, which allows verified ticket holders to sell unwanted general admission or Ticket Plus tickets at face-value prices. The resale portal will remain open until and throughout the championship week, but purchases are non-refundable and cannot be re-listed.

For those willing to spend more, a limited number of hospitality packages are available for midweek access, with prices starting from £350 plus VAT for Wednesday’s practice round in the Scorers’ pavilion, rising to £925 plus VAT for first-round access in the Clubmakers' pavilion. The tournament’s return to Northern Ireland is expected to deliver another significant economic boost, building on the estimated £100 million impact of the 2019 Open at Royal Portrush, according to a study by Sheffield Hallam University’s Sport Industry Research Centre. The full story by Phillip Reid is available in the Irish Times.

TROON ANNOUNCES PREMIER GOLF INSTRUCTION SUMMIT FEATURING INDUSTRY-LEADING COACHES

Troon will host the Troon Coach Northeast Summit, a two-day instructional event on March 3-4, 2025, at Golfzon Social in Scarsdale, New York. Sponsored by Rapsodo, the summit will bring together some of the most respected instructors in the game, providing golf professionals with expert insights into teaching, technology, and player development. Featured speakers include Michael Jacobs, Golf Digest’s No. 1 Teacher in New York and a 2025 National PGA award winner, David Leadbetter, the renowned coach to 26 major champions, and Chuck Cook, a former PGA Teacher of the Year who has coached multiple major winners. Other top instructors, including Tim Mahoney, Michel Breed, Monique Thoresz, and Robin Symes, will also share their expertise in modern coaching techniques and advanced training methods.

The summit will take place at Golfzon Social, a state-of-the-art indoor golf venue featuring Golfzon’s TwoVision simulators, an industry-leading audio-visual package, and a chef-driven menu with craft cocktails and beers. More information is available via Troon Golf.

RAPSODO EXPANDS SIMULATION CAPABILITIES WITH TRUGOLF E6 APEX PARTNERSHIP

Rapsodo, a leader in golf ball-flight monitors and simulators, has announced a new partnership with TruGolf’s E6 APEX, bringing advanced simulation capabilities to Mobile Launch Monitor 2 Pro (MLM2PRO) users. This collaboration allows Rapsodo premium members to upgrade to a yearly E6 APEX membership, choosing from three tiers: Play Suite ($300), Improve Suite ($150), or Enjoy Suite ($450). The Play Suite offers AI-driven recreations of over 1,500 courses in 4K quality, while the Improve Suite provides in-depth practice tools, including club fitting and bag mapping. The Enjoy Suite combines all features for a complete training and gaming experience. The announcement follows recent updates to MLM2PRO, including improved graphics and junior tee locations, reinforcing Rapsodo’s commitment to expanding and enhancing golf technology. Full press release available at Globe Newswire.

COSM BRINGS IMMERSIVE PGA TOUR EXPERIENCE TO LOS ANGELES AND DALLAS FOR THE PLAYERS 2025

Cosm will bring The Players Championship to its immersive venues in Los Angeles and Dallas from March 11-16, transporting fans to the 16th, 17th, and 18th holes at TPC Sawgrass via its 87-foot, 12K+ LED domes. The experience includes exclusive camera angles, PGA Tour Superstore merchandise, themed food and drinks, and interactive elements like the Dryvebox simulator and "PGA TOUR 2K25" gaming stations. Following its 2024 venue launches, Cosm plans further expansion to Atlanta and Detroit. More details can be found on the PGA Tour’s website.

BUSHNELL GOLF PARTNERS WITH OPTIMUM GOLF TECHNOLOGIES FOR EMEA DISTRIBUTION

Following a restructuring by parent company Revelyst, Bushnell Golf has named OGT as its preferred distribution partner in the EMEA region, effective February 19. OGT, the exclusive EMEA distributor for Foresight Sports for 15 years, will manage marketing, sales, logistics, and technical support to expand Bushnell’s market reach. Bushnell’s Darren Bragg and OGT’s Edward Doling highlighted the partnership’s potential, with Doling calling the integration of Bushnell and Foresight Sports via LINK-enabled technology a major step in golf innovation. More details on the partnership are available at Golf Business News.

FIVE IRON GOLF LAUNCHES MARCH MATCH PLAY TOURNAMENT WITH FUBO

The elimination-style tournament, inspired by basketball’s bracket season, is open to all skill levels with a grand prize trip to Casa De Campo and a one-year Fubo subscription. For a $60 entry fee, players can compete in up to two qualifying rounds (Feb. 24–Mar. 20) to secure a spot in the 124-player bracket. Match play begins March 24, culminating in a championship at Casa De Campo. Additional prizes include Callaway gear, Five Iron Golf gift cards, and Fubo subscriptions, with a Consolation Bracket offering a six-month Fubo prize. Members receive exclusive Fubo promotions. More information can be found at Five Iron Golf.

2. CIRCUITS

TIGER WOODS, PGA TOUR OFFICIALS MEET WITH PRESIDENT TRUMP AS GOLF REUNIFICATION TALKS CONTINUE

A delegation from the PGA Tour, including Tiger Woods, Adam Scott, and Commissioner Jay Monahan, met with President Donald Trump at the White House yesterday alongside Saudi Arabia’s Public Investment Fund (PIF) governor Yasir Al-Rumayyan, as discussions on the reunification of professional golf continue. The meeting, taking place amid the Future Investment Initiative Institute Priority Summit in Miami, marks the latest step in negotiations between the PGA Tour and PIF, which financially backs LIV Golf. In a joint statement, Monahan, Woods, and Scott emphasized their commitment to bringing the world’s best players back under one tour, stating, "We have initiated a discussion about the reunification of golf. We are committed to moving as quickly as possible… We all want the best players in the world playing together more often and are committed to doing all we can to deliver that outcome for our fans."

Following the meeting, Woods joined Trump at a White House reception for Black History Month, where Trump acknowledged Scott and Monahan’s presence and noted their “interesting discussions.” Trump has been directly involved in negotiations at the PGA Tour’s insistence, as some believe the Department of Justice under Trump would be more receptive to a PGA Tour-PIF deal. While Monahan has reiterated his vision of one unified tour, questions remain about how LIV Golf would be integrated and whether Trump’s properties could be included in future PGA Tour events. Meanwhile, legal complexities involving PIF’s leadership in Canada add another layer of uncertainty to the evolving negotiations.

FURTHER READING. For more in-depth coverage of the ongoing negotiations, consider these must-reads:

LIV GOLF LOOKS TO STRENGTHEN AUSTRALIAN OPEN. New CEO Scott O’Neil is in talks with Golf Australia to increase LIV player participation in the tournament, once called the "fifth major" by Jack Nicklaus. While also exploring LPGA partnerships, O’Neil prioritizes expansion in China and Japan. His visit to LIV Golf Adelaide reinforced LIV’s commitment to Australian golf. Scott O’Neill’s full interview with Rohan Clarke for Australian Golf Digest is available here.

ONEFLIGHT EXPANDS GOLF PRESENCE WITH MYRTLE BEACH CLASSIC SPONSORSHIP. The private aviation company will co-title the event at Dunes Golf and Beach Club from May 8-11, 2025. A PGA Tour partner with six tour ambassadors, ONEflight joins Visit Myrtle Beach in supporting the tournament, which offers 300 FedExCup points and runs alongside the Truist Championship. Full press release available on the PGA Tour’s website.

CREATOR CLASSIC RETURNS TO TPC SAWGRASS WITH TOP GOLF INFLUENCERS. The PGA Tour’s digital series kicks off March 12, featuring a nine-hole competition among top content creators. Broadcast across major platforms, the event includes stroke play and a sudden-death playoff at the famed 17th hole, enhanced with advanced shot tracking and live commentary. More details are available on the PGA Tour’s website.

GENESIS INVITATIONAL SEES RECORD VIEWERSHIP FOR A NON-MAJOR. The tournament drew 3.4 million viewers on CBS, surpassing recent PGA Tour events outside the majors. A close leaderboard, Tiger Woods’ TV appearance, and a rising interest in PGA Tour broadcasts contributed to the ratings boost. Max Schreiber’s full article in Sports Illustrated can be read here.

SOFI’S TGL SPONSORSHIP EXCEEDS EXPECTATIONS. The investment in Tiger Woods and Rory McIlroy’s golf league has delivered strong returns, with ESPN broadcasts doubling projected viewership. CEO Anthony Noto calls the partnership a success, positioning SoFi as a major player in sports sponsorship. Dave Shedloski’s full article is available in Golf Digest.

3. EQUIPMENT

TAYLORMADE UNVEILS NEXT-GENERATION P790 IRONS

TaylorMade continues to push the boundaries of Players’ Distance Irons by unveiling the 2025 P790 irons, marking the fifth generation of one of the most celebrated iron lines in golf. The latest model refines that formula with aesthetic and technological enhancements, including a sleeker topline, repositioned branding, and a more premium finish. The 2025 iteration introduces new sole geometry, with greater curvature in the longer irons for improved turf interaction, while the mid and short irons feature a bevelled leading edge to suit varying attack angles. The P790 logo has also been repositioned to the center of the clubhead, aligning with TaylorMade’s other premium iron models, such as the P770 and P7CB.

A key breakthrough for 2025 is introducing a 4340M forged high-speed face, which is 20% stronger and lighter than its predecessor, resulting in improved consistency, forgiveness, and distance. TaylorMade’s SpeedFoam Air technology continues to optimize feel. At the same time, FLTD CG (Flighted Center of Gravity) strategically lowers CG in the long irons for higher launch and elevates it in the shorter irons for precise spin and trajectory control. Internally, new tungsten positioning enhances MOI and stability, with weights adjusted across the set to fine-tune performance. With these advancements, the TaylorMade P790 remains a strong contender in the highly competitive Players’ Distance category.

Pre-ordering is now available, with retail availability starting on 13th March.

RRP $1,399 (£1,100, €1,350) for a stock Nippon Modus 105 steel-shafted set of seven irons. The graphite shaft option (Mitsubishi Chemical MMT) RRP is $1,499 (£1,185 €1,430). More information is available at TaylorMade.

BEN HOGAN GOLF LAUNCHES NEW LEGEND IRONS

The new Legend Irons combine classic craftsmanship with modern technology for improved ball striking. Featuring a sleek profile, they maintain Hogan’s precision while offering forgiveness and control. The irons use a hollow-bodied, foam-filled construction to enhance stability and optimize launch. Key innovations include an enlarged Effective Hitting Area for off-center forgiveness, high-performance foam for better feel, and Hogan’s signature V-SOLE for versatility. Available in 5-PW or 4-PW, they offer full customization with premium shafts and grips.

RRP $999.99 (£799.99, €949.99). More information and customization options are available at Ben Hogan.

4. PEOPLE TO WATCH

Florida State golfer Luke Clanton has signed an endorsement deal with Nike, he announced on Instagram on Thursday. Clanton, one of the most promising young players in the game, has been a dominant force in college golf and is on the brink of earning his PGA Tour card through PGA Tour University Accelerated. Cameron Jourdon, Golf Week.
Chase Johnson secured a hard-fought victory at the Cisco APGA Black History Month Classic, posting a 2-under-par 68 in Wednesday’s final round to finish 5-under for the tournament and edge Marcus Byrd by one stroke. Held at TPC Sawgrass, Johnson’s steady play over the 36-hole event earned him the $7,500 winner’s check from the $25,000 purse. Full press release covering Johnson’s victory is available from First Call Golf.
Under Armour is strengthening its retail service network in 2025 by adding Charlie Hartley as UA Regional Sales Manager and launching a new high-tech showroom in Warrington, Cheshire. Full press release available on Golf Business News.

5. JUST FOR PAID SUBSCRIBERS

GOLF INDUSTRY’S MOST ANTICIPATED EARNINGS SEASON: ACUSHNET, TOPGOLF CALLAWAY, AND TRUGOLF UNDER THE SPOTLIGHT

The upcoming week is set to be the busiest earnings period of the year for the golf industry, with leading companies releasing their fourth-quarter and full-year 2024 financial results. The stakes are particularly high for Acushnet (Titleist, Vokey wedges, and Scotty Cameron putters) and Topgolf Callaway, with market analysts closely watching their performance and potential corporate changes. Meanwhile, TruGolf has released an updated guidance that reflects its record-setting year in the golf technology sector.

Topgolf Callaway: A Defining Moment Amid Breakup Speculation

Topgolf Callaway Brands (NYSE: MODG) will report earnings on Monday February 24, 2025, a release that comes at a pivotal time for the company. Persistent market rumors suggest that Callaway’s golf equipment business could be spun off or even sold, despite the company’s past denials.

Over the past year, Topgolf Callaway’s stock has experienced a significant decline, dropping from $16 on July 24, 2024, to its current price of $7.05, representing a decline of over 55%. This decline reflects investor concerns about potential restructuring and operational inefficiencies. The company’s 52-week range extends from $7.05 to $16.89, reflecting the broader volatility in the stock.

A major catalyst for this volatility has been Jefferies’ recent upgrade of the stock from “hold” to “buy,” citing the potential spinoff of the Topgolf segment by late 2025. Analysts believe that separating Callaway from Topgolf could unlock significant value for investors, as Callaway’s core golf equipment business remains strong, while Topgolf continues to face operational inefficiencies and declining same-store sales.

What the Market is Watching

Spinoff Possibility: Analysts suggest that separating Callaway and Topgolf could better align the valuation of each entity. Jefferies’ analysis places Callaway’s standalone enterprise value at a multiple of 11x EBITDA, compared to Acushnet’s 14.5x.
Potential Sale of Callaway: Korean investors have reportedly expressed interest in acquiring Callaway, a move that would make all three of the world's leading golf brands (Titleist, TaylorMade, and Callaway) South Korean-owned.
Stock Performance: MODG’s price target has been raised to $13, with the potential for further upside depending on strategic corporate actions.

TruGolf’s Strong Performance in 2024

While Acushnet and Topgolf Callaway face scrutiny from investors, TruGolf (NASDAQ: TRUG) presents a more complex picture, with a mix of strong sales figures and a challenging stock performance. Despite reporting record sales of approximately $22.5 million in 2024, TruGolf’s stock has declined sharply, losing over 70% of its value in the past 12 months.

The company faces financial health concerns, including a net loss of $60,170 in the last quarter and an operating income of -$5.89 million over the past twelve months, with an operating margin of -30.84%. Furthermore, the company faced multiple compliance challenges with Nasdaq's listing standards over the past year:

July 15, 2024: Received a deficiency letter for failing to file Form 10-Q for the period ended March 31, 2024. More in Investing.com
August 19, 2024: Notified of non-compliance due to stockholders' equity falling below the $10 million minimum requirement. More in Investing.com
November 5, 2024: Received additional notices for not meeting the Market Value of Publicly Held Shares (MVPHS) requirement of $15 million and the minimum bid price of $1.00 per share. More in Publicnow.com.

This past Tuesday, the company presented its 2024 guidance update, where TruGolf’s CEO, Chris Jones, highlighted the company’s plans for franchise expansion in 2025, though investor confidence remains low given these ongoing financial and compliance challenges. The firm has already secured contracts for multiple franchise locations set to open later this year.

Acushnet: Will It Deliver an Earnings Surprise?

As the leader in the golf equipment industry, Acushnet (NYSE: GOLF) is scheduled to report its earnings on February 27, 2025.

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