Just a few days after the shock announcement of the PGA and DP Tour’s deal with Saudi’s PIF, a PGA Tour-backed initiative made some headway.
TGL, an arena-style new golf league focusing on shorter games and an enriched fan experience, sold its first team today to tennis legends Venus and Serena Williams, and business mogul Alexis Ohanian.
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The team, called the Los Angeles Golf Club, is one of six that the league will start with when it tees off at a custom arena in Florida in January 2024.
“I like betting big—and betting early—on things in sports,” Ohanian said in an interview. “What’s so attractive about this is that you’ve already got a globally recognized, incredibly popular sport, with the best players in the world committed.”
Ohanian, the husband of Serena Williams, is investing through his private equity fund Seven Seven Six, which includes a trust that will keep equity for their daughter Olympia.
All clubs purchased will hold a 3% stake in the league, according to Sportico. Teams must have a control owner with at least 33.3% ownership of the team and more than half of its voting shares -- and for LAGC, that would be Ohanian.
TGL is a partnership between the PGA Tour and the business venture TMRW Sports started by Tiger Woods and Rory McIlroy. Woods and McIlroy are set to participate in the league which already has commitments from other PGA Tour stars like Collin Morikawa, Jon Rahm, Max Homa, Matt Fitzpatrick, Adam Scott, and Xander Shcauffele.
