• Loading stock data...
Friday, July 18, 2025

Topgolf Callaway to Spin Off Into Two Separate Companies

  • Topgolf attracted millennials to the sport through its boozy, arcade setup.
  • The joint company was reviewing its ownership of Topgolf for the past month.
The Des Moines Register

Topgolf Callaway is planning to split into two companies of its respective namesakes. 

The golf stakeholder announced Wednesday it plans to separate its two primary brands into two distinct and independent companies, as they were before Callaway. One of the game’s top manufacturers, Callaway bought Topgolf in 2021, 15 years after it initially invested in it. 

Golf had been a tough sport to draw younger players, but Topgolf helped make it more appealing by marrying the traditional driving range with a Skee-Ball type game while incorporating a social aspect. The game’s socially distant nature helped it gain traction during the COVID-19 pandemic, but apparently it was not enough to keep the companies together. 

“Looking forward, we remain convinced that Topgolf is a high-quality, free cash flow generating business with a significant future value creation opportunity,” said Chip Brewer, president and CEO of Topgolf Callaway Brands, in a release. 

“Topgolf is transforming the game of golf and is expected to deliver substantial financial returns over time. At the same time, Topgolf has a different operating model, capital structure and investment thesis than Callaway, and as a result, the Board has determined that separating Topgolf will best position Topgolf and Callaway for success and maximize shareholder value,” he said. 

In August, the company announced it was reviewing its ownership of Topgolf after its growth slowed as consumers became more deliberate with their disposable income. In Wednesday’s release, the company’s board said it is still exploring options to divide the two businesses, but a spin-off to Topgolf shareholders seems to be the main option for now. 

Despite the upcoming split, Callaway will continue to serve as the official equipment partner for Topgolf. The company said it expects the spin-off to be completed by the second half of 2025. Callaway, which also sells apparel for golfers, has done $2.5 billion in revenue over the past year, while Topgolf has generated $1.8 billion in revenue in that same period.  

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Jul 13, 2025; Atlanta, GA, USA; MLB Commissioner Rob Manfred announces the pick for the Athletics pick during the MLB Draft at The Coca-Cola Roxy.

Manfred Says MLB Had Wrong Approach to Creators Like Jomboy

“You gotta go where people are going,” the commissioner said.
(NCL_OSU_11_SUGAR_LAURON 04JAN11) Ohio State Buckeyes quarterback Terrelle Pryor (2) slips around the Arkansas Razorbacks defense during first half of the Sugar Bowl at the Louisiana Superdome in New Orleans, January 4, 2011.

Terrelle Pryor’s Case for NIL Backpay Dismissed in Court

Pryor played seven years in the NFL after leaving OSU amid a scandal.
Jun 9, 2025; Cleveland, Ohio, USA; Cleveland Guardians starting pitcher Luis Ortiz (45) reacts after giving up a home run during the fourth inning against the Cincinnati Reds at Progressive Field.

MLB Pitcher’s Paid Leave Extended Through August As Betting Probe Continues

Leagues have been dealing with a host of sports betting issues.

Featured Today

Jul 21, 2024; Ayrshire, SCT; Xander Schauffele celebrates with Claret Jug after winning the Open Championship golf tournament at Royal Troon.

The Boozy History and Traditions of The Open’s Claret Jug

The Open awards the world’s most famous wine decanter.
2025 PDC World Darts Championship Final - Luke Littler vs Michael Van Gerwen
July 16, 2025

A Teen Darts Prodigy Is Becoming Bigger Than the Game Itself

Luke ‘The Nuke’ Littler is cashing in on his devastatingly accurate shot.
May 31, 2025; Philadelphia, PA, USA; Sydney McLaughin-Levrone (USA) reacts before the women's 100m hurdles during the Grand Slam Track Philadelphia at Franklin Field
exclusive
July 13, 2025

Track’s New Money Is Running Into Old Problems

The sport’s big-money era has hit some speed bumps in 2025.
Bobbleheads are seen at Vintage Indy Sports, Tuesday, April 29, 2025 in Speedway. The local sports memorabilia store opened recently.
July 12, 2025

Baseball’s Bobbleheads Are the Center of the Collectibles Universe

Baseball’s most important keepsake drives long lines—and big business.
Apr 26, 2025; San Francisco, California, USA; Houston Rockets guard Fred VanVleet (5) before game three of first round for the 2024 NBA Playoffs against the Golden State Warriors at Chase Center.

Rockets Get $20 Million in Wiggle Room From New VanVleet Deal

VanVleet first signed with the Rockets in 2023.
April 20, 2025

Max Verstappen Linked to $300M Aston Martin Deal Ahead of Miami GP

Aston Martin is currently seventh in the constructors championship.
June 24, 2025

Timberwolves’ 4-Year Ownership Saga Ends As A-Rod, Lore Take Over

The unanimous approval brought a clean end to a long-disputed transaction.
Sponsored

Game On: Portfolio Players Stories, Brought to You by E*TRADE from Morgan Stanley

Dealmaker Jeffrey Kaplan maps the evolution of sports as an asset class
March 27, 2025

Peyton Manning’s Omaha Productions Gets PE Boost

The Hall of Famer’s company gains another prominent backer.
March 20, 2025

High School Sports Power Signs Eight-Figure Rights Deal in First

The deal pays roughly $1 million annually, FOS has learned.
March 20, 2025

Maxx Crosby’s Agent: Edge Rushers Set to Dominate NFL’s Non-QB Market

Maxx Crosby just signed a three-year, $106.5 million extension.
March 4, 2025

Eagles Make Saquon Barkley NFL’s Highest-Paid Running Back Ever

Barkley is coming off a historic 2024 season with the Eagles.