Who Owns Topgolf?

Topgolf was founded in 2000 by brothers Steve and Dave Jolliffe in Watford, United Kingdom. The Jolliffe brothers developed the concept of a technology-enhanced driving range after noticing that traditional driving ranges offered no feedback or entertainment value. They invented a system using microchipped golf balls and ball-tracking technology that could score each shot and create competitive games.

The first Topgolf venue opened in Watford in 2000. The concept proved popular, and additional venues opened across the UK. The technology was patented, giving Topgolf a defensible competitive advantage as the concept expanded.

Topgolf entered the United States market in 2005, opening its first American venue in Alexandria, Virginia. The U.S. market proved to be significantly larger than the UK market, and the company established its headquarters in Dallas, Texas, to support North American expansion. WestRiver Group, led by Erik Anderson, provided the capital and leadership for the U.S. expansion.

Throughout the 2010s, Topgolf experienced rapid expansion across the United States. The company opened new venues at a pace of 5 to 10 per year, targeting major metropolitan areas. Each new venue represented a significant capital investment, typically $15 to $25 million per location, including land, construction, technology infrastructure, and fit-out. The company raised multiple rounds of venture capital and private equity funding to support this expansion.

In 2018, Topgolf acquired World Golf Tour (WGT), a mobile and online golf game, to expand its digital presence. The acquisition gave Topgolf a digital gaming platform that complemented its physical venues. Topgolf also launched the Topgolf app, which allows players to track their scores, book bays, and participate in leagues and competitions.

In March 2021, Callaway Golf Company (NYSE: ELY) completed its acquisition of Topgolf in an all-stock transaction valued at approximately $2.6 billion. The merger combined Callaway's golf equipment business with Topgolf's entertainment venues. The combined company was renamed Topgolf Callaway Brands and traded on the New York Stock Exchange under the ticker MODG. Callaway shareholders owned approximately 51.5% of the combined company, and Topgolf shareholders owned approximately 48.5%.

The merger was intended to create synergies between golf equipment sales and entertainment venues. Topgolf venues would feature Callaway equipment, and Callaway would benefit from Topgolf's ability to introduce new players to golf. However, the synergies were slower to materialize than expected, and Topgolf's capital-intensive venue expansion weighed on the combined company's financial performance.

Topgolf Callaway Brands' stock price declined significantly after the merger, falling from around $20 per share in 2021 to below $10 per share by 2024. The decline reflected investor concerns about Topgolf's capital requirements, slowing same-venue sales growth, and the strategic mismatch between the equipment and entertainment businesses.

On November 17, 2025, Topgolf Callaway Brands agreed to sell a 60% interest in the Topgolf and Toptracer businesses to funds managed by Leonard Green & Partners. The sale became effective January 1, 2026. It valued Topgolf at approximately $1.1 billion. Callaway received approximately $800 million in net cash proceeds from the sale and related financing transactions, then used proceeds to repay debt. Callaway retained a 40% interest and a strategic marketing relationship with Topgolf.

The separation effectively reversed the 2021 merger, with Topgolf returning to independent ownership under private equity. Leonard Green & Partners, a Los Angeles-based private equity firm with approximately $70 billion in assets under management, has a track record of investments in consumer and entertainment businesses.