Weekly: Is Callaway up for Sale? What is the Impact of the Masters in a City of 200k and How Brands Continue to Enter Golf Footwear Space
Our team has read 30+ specialized publications, browsed more than 60 mainstream news outlets, newsletters and podcasts, saving you time with a digest that takes less than 10 minutes to read.
Greetings, golf enthusiasts!
Fuel up with your favorite brew and brace yourself for a quick rundown of the latest buzz in the golf world.
The peak season is just around the corner and the news is multiplying.
Our diligent team has combed through over 30+ specialized publications, browsed more than 60 mainstream news outlets, sifted through a dozen golf-centric newsletters, and tuned into some top-notch podcasts. Now, we've compiled it all here, saving you time with a digest that takes less than 10 minutes to read.
Let's dive into the highlights from our industry over the last week.
In this bulletin, you’ll uncover:
Is Callaway on the market? Everything we know so far about the rumours emanating from South Korea.
Everything known about the meeting that the players had with YAR and Monahan at Tiger’s house in the Bahamas.
The economics of the Masters with just two weeks left for the event of the year.
Economic Power of the Open Championship 2023
Brands continue to enter golf footwear space amid rising participation in sport
Golf Genius announces groundbreaking global acquisition
Do golf entertainment venues cannibalize traditional golf course customers?
New gear from Miura and Wilson.
And many, many more things to know and read.
Let’s get started!
💵 Is Callaway on the market?
There’s speculation that the colossal Topgolf Callaway Brands Corp. may have put Callaway up for sale. Despite the company’s denial of South Korean rumors that surfaced on Wednesday, a potential sale could signify a shift from an entirely American enterprise to a Korean one. If you stick with us till the end, we’ll equip you with all the crucial updates from the week so you can follow the rest of the potential episodes of the season.
The facts:
The California-based company, Topgolf Callaway Brands Corp, might be considering selling its Callaway Golf business. The news broke just before 11 AM on March 20 (Seoul time), when the South Korean newspaper, Chosun Daily, reported the exclusive.
Just before 2 PM on the same day in California, the company issued a statement denying any such discussions of a potential sale of the company or its golf equipment business.
Craving all the details about this week's economic news? We've got you covered! Dive into our comprehensive analysis here at GBR Pro, exclusively for our paying subscribers. Let's get started!
The Continuing Rise of Golf Entertainment Venues…
A study by Syngenta and Ipsos reveals that golf entertainment venues are perceived as ‘more engaging’ and ‘more welcoming’ than traditional golf clubs. The research analyzed 16.1 million social media posts from the US and UK. Off-course play has surged by 55% since 2017, now totaling 32.9 million participants.
The report is part of a wider study, Golf & Social Media: The Great Divide.
💳 Economic Power of the Open Championship
Headline figures:
£187 million overall economic benefit for the Wirral and Liverpool region.
£144 million marketing gain for the region on the back of the Open Championship.
261,180 fans attended Open week at Hoylake, 2nd highest attendance after the 150th Open at St Andrews.
Talking points:
New found strength of the Majors since LIV’s best compete against PGAT and DPWT?
Kids Go Free initiative meant 40,000 children under the age of 16 attended Hoylake - R&A giving back to the game and encouraging more kids to take up the sport?
You´ve got more info in this beautiful analysis of our colleagues of Golf Business News: 151st Open delivers £187m economic boost to Liverpool region
🏌🏿Miura launches new multi-material iron
Miura is renowned for its high-end, traditional forged blades. Now, it uses its expertise to create a more powerful iron that fits into the player’s performance category - the IC-602.
Miura stated that the IC-602 is their most advanced iron yet, delivering power with the fabled Miura feel.
The IC-602s' multi-material construction means that the faces of the 3-9 irons are constructed from 8620 carbon steel for the rear section and chromium molybdenum for the face, which switches to Miura’s S35C steel in the pitching and gap wedges for more feel.
Tungsten weighting is positioned in each iron’s hollow cavity to optimize launch, with a polymer also injected into the cavity to help create the legendary Miura feel.
Miura has also crafted the sole width and bounce on the IC-602s in what it calls the Miura Versatile Sole (MVS) for perfect turf interaction at impact.
Miura has also worked on the center of gravity, placing it low in the longer irons and higher in the shorter irons to optimize launch and spin.
The IC-602s are entering a competitive market in the player’s performance iron category and will compete with TaylorMade’s P770/790s, Callaway Apex Pro 24, PXG Gen 6 0311 XP, and Mizuno Pro 245 irons.
Miura IC-602s will retail at $350 (€325, £280) and fully customize to player’s requirements.
🏌️♂️Wilson’s Launches New Wedges
Wilson launched its new ZM and ZM HT models this past week.
Both wedges are forged from soft, 8620 carbon steel to provide an exceptional feel and feature high-spin, precision-milled grooves combined with a Garnet Face Blasting to provide the stopping power.
Wilson has also engineered a more progressive center of gravity into the ZM wedges meaning the higher lofted wedges have a higher center of gravity to control ball flight and spin numbers more effectively.
The ZM comes in lofts ranging from 50 degrees to 60 degrees. There are also 46- and 48-degree ZM wedges in the lineup, but they are only available through Wilson’s custom-fitting options.
To add further flexibility, there are three bounce options available, which you can tailor depending on the type of turf you play your golf on.
The ZM HT (HT standing for High Toe) is available in 56 or 60 degrees (a 64-degree option is available through Wilson’s custom-fitting program).
The ZM HT features the same high-spin, precision-milled grooves and Garnet Face Blasted finish as the ZM, but it has full-face grooves to provide maximum spin and control on the most delicate shots.
To further help creativity, the sole of the ZM HT is designed to make it easy to open the face up or close it down on shots without compromising turf interaction.
Both wedges will retail for $185 (€170, £145) and come fitted with True Dynamic Gold Spinner shafts and Golf Pride Tour Velvet grips.
Different shafts and grips will also be available via the Wilson custom-fitting process.
🏌️♀️Callaway Golf into a long-term agreement with the Epson Tour.
The deal includes the provision of “equipment, gloves, and high-performance golf balls for the athletes each week, for use in both competition and on practice grounds.” This represents a significant advancement for women’s golf, which has faced challenges in ensuring that both emerging and seasoned players enjoy equal access to equipment benefits.
🚀Rising Sport Participation Fuels Entry of New Brands in the Golf Footwear Space
The golf shoe sector is experiencing an influx of new brands, paralleling the growing interest in the sport. Despite the market being “still dominated by stalwarts like Adidas, FootJoy, and Callaway, there has been a “steady influx of new brands entering the space in recent years,” as noted by Stephen Garner of Footwear News. An increasing number of brands are opting to “dig deeper into the market,” a move that stands in “stark contrast from the reports that Nike may be pulling away from the sport entirely.”
Among the recent introductions are:
Puma’s latest golf shoe collection,
Ecco’s new golf shoe,
and TravisMathew’s first shoe.
Fashion brands are also “getting in on the hype,” with J.Lindeberg deciding to “launch its own golf shoe collection for spring 2024” following its collaboration with Ecco last year. The growing number of brands exploring this sector is “not surprising” considering the recent trends in golf participation, which has been “growing for years now.”
In 2023, golf saw record participation with 45 million Americans taking part in the sport, a 9.6% increase from the 41.1 million players in 2022, as per data from the Sports & Fitness Industry Association. This increased participation has “translated to a big bump in golf shoe sales, too.”
According to Circana’s retail tracking data, golf shoe sales hit $407.8M in 2023, a figure 48% "larger compared to pre-pandemic 2019” when the sales stood at $275.8M.
📱Golf Genius’ Pioneering Acquisition of Shotzoom: A Leap Forward in Golf Software Solutions
Golf Genius, a leading provider of cloud-hosted golf software solutions, has made a groundbreaking move by acquiring Shotzoom, the owner of both Golfshot and CoachNow. This acquisition is the largest of its nine to date.
Key Points:
Shotzoom will continue to grow the existing Golfshot and CoachNow brands while operating as a division of Golf Genius.
Golfshot is the leading mobile and wearable GPS solution for golfers, with over 8 million registered users, more than 45% of whom play outside the United States.
CoachNow is recognized as the leading platform for coaches in golf and over 50 other sports worldwide.
Q&A:
Q: Why did Golf Genius decide to acquire Shotzoom?
A: “Over the past fifteen years, we have built a strong position supplying B2B software solutions to golf facilities, counties and national golf associations, and tours. We believe the time is now right to enter the consumer golf market and are delighted to join forces with Shotzoom, which has built fast-growing and very successful brands in the retail golfer and coaching marketplaces,” comments Mike Zisman, Co-CEO of Golf Genius.
Q: What are the expected outcomes of this acquisition?
A: The acquisition will lead to a range of tangible outcomes to further improve the experience for golfers, PGA Professionals, and coaches. This includes the integration of CoachNow into Golf Genius Coach 360 to create a combined coaching platform, and further investments into Golfshot’s player performance capabilities, comments Aboo Tayub, publisher of Golf Business Technology .
Q: What does Shotzoom think about this acquisition?
A: “We have carefully considered the advantages of merging into a larger SaaS organization for some time, and Golf Genius represents the best fit by far,” adds Ben Addoms, CEO of Shotzoom. "Golf Genius understands the proven value of the CoachNow solution in golf. Together, we will continue down the path of building innovative products that deliver great customer experiences around the world."
This acquisition marks a significant milestone in the golfing industry and is expected to bring about innovative products and improved customer experiences around the world.
JPMorgan Forms Team to Navigate Lucrative Sports
J.P. Morgan has made a strategic move by establishing a "sports investment banking coverage group" to tap into the growing sports industry. This new division will provide advisory and financing solutions for activities like investing in sports franchises to clients globally. The creation of this group is a response to the recognition that "sports has become an increasingly large asset class, attracting more and more institutional investors," as stated by Fred Turpin, global head of media and communications investment banking.
More info: JPMorgan sets up a dedicated sports investment banking team, memo shows - Reuters.
📈 Heritage Golf Group Expands Portfolio with Three Strategic Acquisitions
Heritage Golf Group has added three more acquisitions to their portfolio in Florida, Ohio, and Virginia.
One of the notable acquisitions is the Lakewood Ranch Golf and Country Club in Sarasota, Florida. This award-winning club is nestled in the heart of Lakewood Ranch, a bustling residential community that's home to over 66k. The club boasts three championship golf courses, two of which were designed by the legendary Arnold Palmer. Members also have access to an impressive array of facilities, including a state-of-the-art athletic facility, an aquatics center with two heated pools, 20 pickleball courts, and a tennis complex with 20 Har-Tru courts.
The Oasis Golf Club and Conference Center: This club, located in Cincinnati, Ohio, is home to a links-style, par 72, 18-hole championship course also designed by Palmer in 1998.
Spring Creek Golf Club: Located just outside Charlottesville, Virginia, this club is home to an award-winning par 72, 18 – hole Ed Carton golf course.
More info: Heritage Golf Group.
😏PGA players/YAR Meeting
The PGA Tour Policy Board held a significant meeting in the Bahamas with Yasir Al-Rumayyan.
Key points:
The meeting took place in Tiger´s residence in Albany, Bahamas.
It was attended by all player directors on the board, including Tiger, Cantlay, Adam Scott, Jordan Spieth, Webb Simpson, and Peter Malnati. This was the first time they met with YAR.
Jay Monahan, who had been booed at The Player´s trophy presentation on Sunday, also attended.
Hours before the meeting, Rory McIlroy, which is not on the board this year, had emphasized the disconnect between PIF and LIV and had stated that he was glad the meeting was taking place and hoped it would bring the parties closer to a solution: “They want to invest in smart and secure businesses, and the PGA Tour is definitely one of those, especially if they’re looking to invest in sport in some way. I have spent time with Yasir. I think the people who have represented him in LIV have done him a disservice, so Norman and those guys.”
From Rory´s POV, “they’re a sovereign wealth fund. They want to park money for decades and not worry about it”.
After the meeting…
Monahan carried on the narrative from his speech on the eve of the Players - things are progressing.
He sent a memo to players Monday night updating them on the process – transparency remains a flash point after the June 6 surprise – but he offered little in the way of specifics: “The conversation throughout was constructive and represents an important part… bla, bla..”
💸Two weeks to Augusta: The Economic Impact of the Masters
The Augusta/Richmond County, Georgia, with a population of around 202,000, is about to experience a significant economic boost.
From ticket sales to sponsorships, explore the economic powerhouse that is the Masters with this exclusive analysis and the ultimate guide of the event.
And last but not least, we give you the following readings to make your week enjoyable:
Here are some recommended reads and listenings for you:
☮️“Thrilling Players Championship Finish Shows Golf Needs Peace” by James Corrigan. | 7min 7sec | behind a paywall.
📺“Driving Engagement: Can Full Swing 2 Increase PGA Tour Views?” by our recommended Substack colleague Jared Doerfler. | 6 min
👩🏼🌾 “Do Golfers Give Greenkeepers Enough Credit?” by Derek Clements. | 10min 9sec
☔ “How Wet Was Your Golf Course This Winter?” By Kieran Clark | 5 min
🎧“Where Did the OWGR Come From, and Is It Becoming Obsolete?” by Shane Ryan and team. | Apple Podcast | 28 min
👩💼“What Does a Golf Manager Do? A Guide to the First 90 Days” by Geoff Parent in Lightpeed Commerce Plaffom blog. | 36min 28sec 😅
𝕏 A Twitter thread by Claire Rogers discussing her sister’s notes on Full Swing season 2, episode 2.
🧑🏽🎓An Asian Tour story on teen sensation Ratchanon ‘TK’ Chantananuwat, who was advised by Bryson DeChambeau to study various academic subjects to improve his game. | 6min 10sec
🍿“Full Swing 2: An Evening With Chad Mumm” by Gary Van Sickle (The Baller Golf-Substack). This piece provides an in-depth look at an evening with with the show's producer, Chad Mumm. | 8min 25sec
📐“Are You a Jordan or a Rory? How Golfers Interpret the Rules Can Say a Lot About Character and Sportsmanship.”, by Jerry Tarde, Chairman and Editor-in-Chief of Golf Digest. | 7min 38sec
🎒“Why Nick Dunlap Is a Smart Kid Leaving College to Turn Pro.” This Golf Digest article by Max Adler discusses Nick Dunlap’s decision to turn professional. | 5min 33sec
🌊“Scottish Golf Is Sliding Into the Sea” by James Ludden. | Bloomberg | paywall | 04min 40sec
🔝“SI Golf Ranks Its Top 36 PGA Tour Players Who Should Get Equity Shares” by Sports Illustrated Golf Staff. | 8min 26sec
😰 “Lynch: The PGA Tour Is Facing the Toughest Decision With LIV Golf. Should Players Be Making That Call?”, by Eamon Lynch. | 7min 44sec
That´s all, friends.
Have a good one!!!!