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TGL parent company TMRW Sports is finalizing a new funding round that will value the business at north of $1 billion, Front Office Sports has learned.
That’s double the company’s valuation from just two years ago, when it closed a Series A round that valued the business at nearly $500 million. TMRW Sports, formed in 2022 by Tiger Woods, Rory McIlroy, and former Golf Channel president Mike McCarley, was reportedly valued at $650 million in a funding round last year. That round was led by Silver Lake’s co-CEOs, Egon Durban and Greg Mondre, as well as Patrick Whitesell’s WTSL, according to CNBC Sport.
Discussions between TMRW and some investors—including high-net-worth individuals—have been taking place since at least around the World Cup final in July, one source says. The round has “significant institutional support,” says another. Three sources tell FOS that Dynasty Equity, which co-led the 2024 Series A, will participate in the new funding. Additional individual investor identities were not clear. The other firm that co-led the Series A was Connect Ventures. Representatives for Dynasty and Connect did not immediately respond to requests for comment.
TMRW is the parent company of men’s indoor golf league TGL and the upcoming women’s indoor golf league WTGL. It’s also the firm the NFL chose to develop and operate its planned pro flag football league for women and men.
If TMRW Sports closes the funding round at a more than $1 billion valuation, it would represent a remarkably rapid rise for the business. Backed by the star power of Woods and McIlroy, it boasts a powerful set of investors that includes Falcons owner Arthur Blank, 76ers, Devils, and Commanders co-owner David Blitzer, Giants co-owner and Gotham FC governor Carolyn Tisch Blodgett, Steph Curry, Fenway Sports Group, Alexis Ohanian, Shaquille O’Neal, Michael Rubin, and Justin Bieber.
The third season of TGL will begin in 2027. The league reached viewership milestones during its sophomore season thanks in part to Woods, 50, playing during the TGL Finals. Its initial two-year media-rights deal with ESPN has expired, and while ESPN is expected to pursue an extension, that has not happened yet.
The debut season of WTGL will start Nov. 8 and air on ESPN and Ion TV. WTGL backers include Trybe Ventures, the investment firm of former U.S. women’s national soccer team star Alex Morgan (who is also an investor in TMRW itself and TGL’s Los Angeles Golf Club), as well as her former USWNT stars Mia Hamm and Abby Wambach, among others.
The five founding WTGL franchises have all been sold to existing TGL ownership groups. Earlier this year, LPGA star Nelly Korda said it was a “huge and unbelievable miss” to have separate leagues, as opposed to allowing male and female golfers to play together. Ohanian, who is majority owner of TGL’s LA Golf Club, told FOS Korda had a “great point.”
No precise start date has been announced for the NFL’s planned flag football league, but the league’s EVP of club business Peter O’Reilly said in May the launch is expected to take place before the 2028 Summer Olympics, where flag football will debut as an Olympic sport.
TMRW Sports declined to comment.
