GBR Tuesday | How Acushnet Lost $523 Million in Market Value While PGA Show Hit Record Highs
Every Tuesday and Friday We Bring You the Ten-Minute Summary of What's Happening in the Golf Industry. Grab Your Favorite Beverage and Catch Up With Everything You Need to Know.
Good morning, GBR community!
It’s time to catch up on everything happening in the golf world.
Acushnet has had a difficult start to the year. JP Morgan has downgraded the company's value based on its poor performance.
The PGA Show finished on Friday, capping a record-breaking week for the annual extravaganza in Florida. We’ll cover the main talking points of the show.
Industry
PGA Show
Circuits
People To Watch
Must Reads
Paid Content
1. INDUSTRY
PGA TOUR SUPERSTORE EXPANDS NATIONWIDE, FUELED BY TGL PARTNERSHIP
PGA Tour Superstore is experiencing rapid growth across the United States, aided by its partnership with the upstart TGL league. Sports Business Journal’s Josh Carpenter reports that according to company president Jill Spiegel, the retailer, which currently operates 74 locations, plans to open eight new stores in 2025, bringing its presence to 29 states by year’s end.
Most of the Superstore’s current locations are concentrated in the Southeast and the West Coast. However, new stores are set to open in Kentucky and Connecticut this year, with a broader focus on expanding into the central U.S.
As the official in-store retailer of TGL, PGA Tour Superstore has seen a significant boost in sales since the league’s launch. TGL-branded products debuted in stores in mid-October, and their popularity has surged following the league’s matches, which began airing on January 7.
Spiegel noted that sales of TGL merchandise have doubled since the league's debut, although she did not provide specific figures.
In addition to apparel and accessories, sales of in-home simulators—a key product category for the Superstore—have also risen, fueled by increased interest in the TGL format. Arthur Blank, founder of the Superstore, also owns the TGL team Atlanta Drive GC, which made its debut in the league this month.
The PGA Tour Superstore’s growth reflects broader trends in the golf industry. Participation remains strong post-COVID, with new players contributing to the sport's rising popularity. The retailer’s alignment with TGL, a tech-driven and fast-paced league designed to attract younger and more diverse audiences, positions it well to capitalize on this momentum.
RORY MCILROY PARTNERS WITH FM IN A MULTI-YEAR SPONSORSHIP DEAL
Rory McIlroy has added a new sponsor to his roster through a multi-year deal through the 2027 PGA Tour season with Rhode Island-based insurance company FM.
While financial terms were not disclosed, the agreement will see FM’s logo featured on McIlroy’s bag at select tournaments.
Insurance Business Mag’s Kenneth Araullo reports that specific events regarding when FM’s logo will appear on McIlroy’s bag have yet to be announced. The deal also includes social and digital assets, broadening FM’s visibility in professional golf.
This partnership builds on FM’s recent expansion into golf sponsorships. Last year, the company debuted as the title sponsor of the FM Championship on the LPGA Tour at TPC Boston. It already sponsors LPGA player Megan Khang. Additionally, FM is a principal partner of McIlroy’s TGL team, Boston Common Golf.
CASTORE PARTNERS WITH MAJESTICKS GC TO EXPAND PRESENCE IN ELITE GOLF
Castore has announced a multi-year partnership with LIV Golf’s Majesticks GC. The collaboration establishes Castore as Majesticks GC's “Official Worldwide Apparel Partner,” further strengthening the brand’s presence in the elite golf sector.
Under the agreement, Castore will supply Majesticks GC with a full range of team wear, including training wear, course wear, athletic wear, mono-branded items, and golf accessories.
The partnership also extends to managing and operating the team’s official eCommerce store on castore.com, where Majesticks GC-branded apparel is now available. Additionally, fans can purchase team merchandise in tournament stores at LIV Golf events throughout the season and on shop.livgolf.com/majesticks by the end of March.
Majesticks GC, comprised of British stars Ian Poulter, Lee Westwood, Sam Horsfield, and Swedish major champion Henrik Stenson, will debut its Castore apparel at the LIV Golf season opener on February 6 at Riyadh Golf Club in Saudi Arabia. Full LIV Golf press release here.
NGF’S 2025 GRAFFIS REPORT REVEALS GOLF’S CONTINUED GROWTH
The National Golf Foundation (NGF) has released its 2025 Graffis Report, highlighting golf's sustained growth in the United States.
Named after Golfdom founder Herb Graffis, the report details the state of the golf industry in 2024 and confirms that the surge in participation sparked by the COVID-19 pandemic shows no signs of slowing down.
According to the report, 28.1 million people played "green-grass golf" (on-course golf) in 2024, marking the highest participation rate since 2008 and the seventh consecutive year of growth. This figure represents an increase of 1.8 million golfers from 2023, the largest single-year jump since 2000 when the sport added 2.7 million new players. The total number of rounds of golf played also hit a record high of 545 million in 2024, and in the fifth consecutive year, the total exceeded 500 million rounds.
Youth and Diversity Fuel Growth
Demographic data from the Graffis Report underscores the changing face of golf in America.
The 18-34 age group continues to dominate participation, with 6.8 million golfers in 2024, followed by the 50-64 demographic at 6.2 million.
Youth participation has soared 48% since 2020, while female participation grew by 41%.
Diversity within the game has also improved significantly, with Hispanic participation up 26% and Black participation increasing by a remarkable 123% over the same period.
In total, when combining green-grass golfers with "off-course" participants (such as those playing at Topgolf or on simulators), the sport reached 64.3 million total participants in 2024.
Course Development Trends
The report also highlights encouraging trends in course development and closures:
Course closures in 2024 hit their lowest rate since 2005.
29 new courses opened across the U.S., the most since 2010, with 35% located in Florida, Texas, and South Carolina.
More than 80% of new courses were private clubs, reflecting a demand for exclusive golfing experiences.
However, the report noted a higher closure rate for short and par-3 courses than regulation 18-hole courses. Since 2020, 34% of new courses built have been short or executive courses, but they still comprise only 4% of all U.S. golf courses. The full report can be accessed through the NGF website.
2. THE PGA SHOW
PGA SHOW SETS 15-YEAR RECORD WITH MASSIVE TURNOUT AND INDUSTRY ENGAGEMENT
The 72nd PGA Show, held January 21-24, 2025, at the Orange County Convention Center in Orlando, broke a 15-year attendance and industry engagement record. Over four days, more than 33,000 delegates and 1,100 golf brands gathered in the 1.1 million-square-foot venue, making this year’s event the largest since 2009.
A Milestone for the Golf Industry
“This year’s PGA Show left us energized and inspired, setting a positive tone for the new golf season,” said PGA of America President Don Rea Jr. “With over 33,000 attendees, including more than 6,000 PGA of America Golf Professionals, this is truly our ‘Member’s Major.’ It’s a week of business opportunities, mentoring, networking, and advancing the game of golf for future generations.”
The show attracted representatives from 94 countries and all 50 U.S. states, with Canada, the UK, China, Japan, and Mexico leading international attendance. States such as Texas, New York, Georgia, California, and North Carolina were top contributors outside Florida.
Economic and Retail Impact
More than 1,300 buyers, representing 840 golf facilities and retailers, generated approximately $885 million in purchasing power and drove nearly $2.2 billion in retail sales. Exhibitors included established brands like Titleist, PING, and Cobra, as well as nearly 400 newcomers showcasing the latest in golf equipment, apparel, and technology.
Among the product highlights were:
Titleist’s new Pro V1 and Pro V1x golf balls
Cobra’s DS-ADAPT drivers and metal woods
PING’s G440 club line
Bridgestone’s 220 MB and 221 CB irons and wedges
Blue Tees’ Playmaker+ GPS Watch
Sunday Golf’s new kids’ golf bag line
Highlights of the Event
Demo Day. The PGA Show kicked off on January 21 with Demo Day at the Orange County National Golf Center. Attendees tested equipment from over 70 top golf companies. Despite intermittent rain, participants enjoyed immersive workshops, product demonstrations, and club fitting and golf fitness sessions.
Education and Networking. Professional development opportunities abounded, with over 70 education sessions covering teaching, coaching, operations, marketing, and retail strategies. Attendees had access to the PGA Industry Stage, Career Zone, and Golf Fitness, Health & Wellness programming. At the same time, exhibitors hosted demonstrations and meet-and-greets with golf legends such as Brad Faxon, Lexi Thompson, and Jim Furyk.
Awards and Innovations.The New Product Zone and Inventors Spotlight Pavilion highlighted cutting-edge products and concepts. Among the winners were:
Pinned Golf GPS Tablet (Best New Product), just as we highlighted in last Tuesday's newsletter!
UpSwing Golf (Most Innovative Invention)
PuttBuddies (Best Marketing Award)
The live Fashion Show featured standout brands, such as A. PUTNAM (Best Dressed Women’s Brand) and Rhone (Best Men’s Brand), which were voted as crowd favorites.
The next PGA Buying Summit will take place from July 28-30 in Frisco, Texas, and the 2026 PGA Show is scheduled to return to Orlando from January 20-23, 2026. Additional reporting by Golf Business News.
FIVE KEY TAKEAWAYS FROM THE 2025 PGA SHOW: GOLF’S NEXT BIG THINGS
The PGA Tour’s Alistair Cameron breaks down what he sees as the five key trends from this year’s PGA Show in Orlando:
1. Artificial Intelligence Takes Golf to New Heights
AI continues to revolutionize golf equipment and game management.
Callaway unveiled its Elyte driver lineup, developed using $2 million in 3D printing technology. After testing 75 prototypes, the result is a driver that combines aerodynamics and forgiveness, refining the original Paradym Ai Smoke concept.
FlightScope launched the i4 Laser Rangefinder, combining AI, real-time weather, and its patented Environmental Optimizer to deliver precise club recommendations based on personalized shot data.
Bushnell, in partnership with ForeSight, introduced the ProX3+ Link Laser. This laser integrates launch monitor data to suggest the ideal club for any shot.
Both rangefinders aim to speed up play and boost confidence by eliminating guesswork.
2. Club Fitting Goes Next-Level
Precision fitting took centre stage with new tools for players of all levels.
Cobra debuted its FutureFit33 hosel system, offering 33 loft and lie settings for unparalleled customization.
Srixon announced adjustable hosels for its ZXi lineup, while PING revealed the BunkR wedge, designed with a wider sole and curved leading edge for easier sand play.
Gears Sports leveraged motion-tracking data to introduce OVVIO shafts tailored to individual swing profiles.
3. Simulator Golf Solidifies Its Place
Simulator golf continues to expand its reach with high-tech and accessible options.
Full Swing, the launch monitor provider for TGL, introduced Clippd technology to enhance practice sessions with shot-quality scoring.
Garmin unveiled the Approach R50 portable launch monitor, offering built-in simulator capabilities with a touchscreen interface.
Rapsodo’s MLM2PRO, priced at $699.99, received a GSPro software upgrade, delivering better graphics, ball physics, and an online community.
With these advancements, golfers can practice anytime, anywhere, with data-driven insights.
4. Innovations in Footwear
Golf shoes received a performance-driven upgrade.
Puma introduced the Ignite Elevate Tour, designed for Tour players like Max Homa and Rickie Fowler. The shoe features a lowered heel for enhanced green reading and stability.
Adidas relaunched the AdiZero ZG, a lightweight shoe providing exceptional traction, already worn by Ludvig Åberg during the Farmers Insurance Open.
These designs prioritize performance, comfort, and style, ensuring golfers are ready for any condition.
5. Luxury and Exclusivity Steal the Spotlight
For those seeking exclusivity, the PGA Show delivered.
Precision Pro Golf showcased its Titan Elite rangefinder, a one-of-10 gold-plated device.
Flightpath Golf introduced an 18-karat solid gold golf tee adorned with over 900 diamonds, valued at over $50,000—a true statement of luxury.
Additional offerings included rose gold and white gold versions, further appealing to golfers with a taste for opulence.
Whether you’re a casual golfer or a Tour-level competitor, this year’s show had something for everyone, signalling an exciting future for the game.
PGA SHOW SPOTLIGHTS THREE INNOVATIVE GOLF PRODUCTS TO WATCH
The 2025 PGA Show introduced a variety of promising new products that captivated attendees, ranging from general managers and executives to PGA professionals and media.
Among the award-winning standouts noted by David Droschak, writing in The First Call, were a portable GPS golf tablet, quirky animal-inspired tee holders, and sustainable golf essentials crafted from recycled coffee grounds. These innovations, displayed in the New Product Zone and Inventors Spotlight Pavilion, highlight the creativity driving the future of golf.
1. Pinned Golf’s “Caddie” GPS Tablet
As we anticipated in last Tuesday's newsletter, Pinned was awarded "Best New Product" for its innovative Golf GPS Tablet. Congrats guys!
Pinned Golf, a Boston-based startup, debuted its revolutionary Caddie GPS golf tablet. The 8-inch touchscreen device offers golfers over 45,000-course maps, providing front, back, and center distances as well as hazard locations and hole overviews. Designed for convenience, the Caddie features a built-in magnet for attaching to golf carts, a 72-hole battery life, and waterproof construction.
The Caddie is priced at $350 during pre-sales (set to rise to $450) and is expected to ship by May. It has already drawn interest from international buyers, with golf pros from Japan and Australia praising its ease of use.
2. VannyVee Sports’ Animal Caddy Tee Holders
VannyVee Sports, founded by Canadian entrepreneur Vanessa Vanderzalm, brought fun and functionality to the course with its animal-themed golf tee holders. Featuring designs like an eagle, tiger, gopher, and alligator, these silicone caddies clip onto golf bags and carry up to eight tees.
The idea began with the eagle, inspired by Vanderzalm’s patriotic American friends, and quickly gained traction. “The eagle design sold 2,000 units on Amazon,” Vanderzalm shared. Priced at $25.99, the animal caddies have expanded into four designs, blending practicality with a touch of personality.
3. Greenup’s Sustainable Golf Accessories
Denmark-based Greenup introduced a unique line of golf accessories, including tees, divot tools, ball markers, and pencils made from recycled coffee grounds. Partnering with Volle Golf, Greenup plans to distribute its products in the United States following successful launches in Australia, Japan, and New Zealand.
3. CIRCUITS
LPGA CANCELS $2 MILLION FIR HILLS SERI PAK CHAMPIONSHIP DUE TO UNDERWRITER PAYMENT FAILURE
The LPGA Tour has announced the cancellation of the 2025 Fir Hills Seri Pak Championship, a $2 million event initially scheduled for March 20-23 at Palos Verdes Golf Club in California. The cancellation comes after the event’s underwriter failed to meet its financial obligations for the 2024 and 2025 tournaments. In a statement, Interim LPGA Commissioner Liz Moore expressed deep regret over the decision, citing the necessity of cancelling the event due to unpaid sponsorship commitments. Fir Hills, a Silicon Valley-based investment firm, signed a multi-year sponsorship deal with the LPGA in 2023, and the event was renamed to honor Seri Pak (formerly known as Se Ri Pak during her LPGA career). Golfweek’s Beth Ann Nichols reports that the cancellation creates a significant gap in the 2025 LPGA schedule, which now features 32 official events and two speciality tournaments: the Grant Thornton Invitational and the Hanwha Lifeplus International Crown. The tour will attempt to reschedule the Fir Hills Seri Pak Championship later in the year, but no details have been confirmed. The LPGA remains optimistic about the future of the Fir Hills Seri Pak Championship and its partnership with Palos Verdes Golf Club and reaffirmed its dedication to returning the event to the calendar.
PGA TOUR, ESPN BET, AND ESPN+ LAUNCH INNOVATIVE LIVE BETTING STREAM
The PGA Tour, PENN Entertainment, and ESPN have teamed up to introduce ESPN BET on PGA TOUR LIVE, a new live betting stream that will premiere on ESPN+ from February 6 to 9, 2025, during the WM Phoenix Open. Made possible through a multi-year agreement between the PGA Tour and PENN Entertainment, the operator of ESPN BET, this betting-focused stream will enhance the PGA Tour Live experience by integrating in-depth analytics and live odds.
The collaboration designates ESPN BET as an Official Betting Operator of the PGA Tour, providing unique opportunities to connect with fans. The ESPN BET on PGA Tour Live stream will provide live coverage for two hours before each event’s main broadcast window. Hosted by Jonathan Coachman, with on-course reporter Michael Collins and analysts Matt Every and Graham DeLaet, the stream will deliver up-to-the-minute data, hole-by-hole betting analysis, and market insights for each event.
Featured Events in 2025
The live betting stream will debut at the WM Phoenix Open, with special coverage of the famed 16th hole. Subsequent events include:
THE PLAYERS Championship (March 13-16)
Truist Championship (May 8-11)
Memorial Tournament presented by Workday (May 29-June 1)
Travelers Championship (June 19-22)
FedEx St. Jude Championship (Aug. 7-10), the first FedExCup Playoffs event.
The stream will provide early insights into the day’s key storylines and engage fans with betting content, including odds and markets for individual holes, player matchups, and tournament outcomes. More information is available from the PGA Tour.
4. PEOPLE TO WATCH
LIV Golf announced three significant changes as it gears up for the 2025 season. Chief Media Officer Will Staeger, who played a key role in shaping LIV’s media strategy and securing partnerships with The CW and Fox Sports, is stepping down to pursue new ventures. Reflecting on his tenure, Staeger told Sports Business Journal, “I’m looking forward to pursuing some exciting entertainment ventures of my own (…) I will forever be rooting for LIV’s continued groundbreaking and innovative success from the other side of the ropes.”
Meanwhile, former player Pat Perez will transition to the broadcast team as an on-course analyst under LIV's new Fox Sports deal, bringing insider insights to fans.
Additionally, LIV has partnered with Rick Shiels, the world’s leading golf content creator, to enhance fan engagement through exclusive content and global event coverage.
Golftec, a global leader in golf lessons and fittings, has promoted Chris Koske to Chief Marketing Officer (CMO). Koske will oversee the brand strategy and marketing efforts for the flagship Golftec brand and the company’s Skytrak launch monitor division while contributing to the organization’s product strategy. Full press release.
Lydia Ko, the 2024 Olympic gold medalist and LPGA Hall of Fame inductee, has joined the Maui Jim ‘Ohana as an official brand ambassador in a newly announced two-year partnership. Ko will represent Maui Jim’s PolarizedPlus2 lens technology, which eliminates glare and enhances color, clarity, and depth perception—key features for golfers navigating challenging light and reading greens. Full press release on Golf Wire.
5. MUST READS
As a highly successful PGA Show draws to a close, Australian Golf Digest picks out nine favorite products covering everything from launch monitors to a new boot that will help stimulate blood supply in your foot and ankle for increased mobility.
Technology is now in every element of golf. From designing clubs to launch monitors and wearable tech, the industry is growing at unprecedented levels. A new press release highlights the growth in sports technology, which reached a market size of $105.6 billion by 2023.
It’s three years before the golf ball rollback rule comes into effect for professionals. Amateurs will be putting the new golf play into play in 2030. The First Call’s Gary Van Sickle tracks whether or not this rule will be implemented or will pressure on the governing bodies force them to change or scrap their proposal.
Are you familiar with a golfer called Allan Robertson? Chances are you’re not, but that’s not a problem. He lived and died over 150 years ago. So why should we pay attention to him? He was a prolific club and ball maker, the first golfer to break 80 at the Old Course, St Andrews, and an inspiration behind the creation of the Open Championship; Robertson should be looked at in the same light as contemporaries such as Old Tom Morris. This fascinating extract from a new book published about Robertson’s life written by Roger McStravick helps us understand the impact Robertson had on the game of golf.
6. JUST FOR PAID SUBSCRIBERS
THE $523 MILLION FALLOUT: WHAT ACUSHNET’S STOCK DECLINE MEANS FOR INVESTORS
THESE WERE THE FACTS:
On Thursday, January 23, 2025, JPMorgan analyst Kevin Heenan downgraded Acushnet Holdings Corp (NYSE:GOLF)—a leader in golf products, known for brands like Titleist and FootJoy—from Neutral to Underweight. This shift was accompanied by a revised price target of $64, significantly lower than its trading price of $74.60, which was nearing its 52-week high of $76.65. JPMorgan's report highlighted several factors driving this downgrade:
JPMorgan report highlighted several critical points: