TMRW Sports, the parent company of golf's TGL and the forthcoming women's league WTGL, is finalizing a new funding round that would value the business at more than $1 billion, according to Front Office Sports and Reuters, citing people familiar with the discussions. That would double the company's valuation from roughly two years ago.
The round marks a strikingly fast climb for a company formed in 2022 by Tiger Woods, Rory McIlroy, and former Golf Channel president Mike McCarley. TMRW closed a Series A near $500 million in 2024, then was reportedly valued at $650 million last year in a round led by Silver Lake co-CEOs Egon Durban and Greg Mondre alongside Patrick Whitesell's WTSL.
Three sources told Front Office Sports that Dynasty Equity, which co-led the 2024 Series A alongside Connect Ventures, will participate again in the new round. The raise reportedly has "significant institutional support," with discussions involving high-net-worth individuals ongoing since around the World Cup final in July.
TMRW's business now extends well beyond TGL. The company also operates the upcoming women's indoor golf league WTGL, and — notably — was chosen by the NFL to develop and operate the league's planned professional flag football competition for men and women. That NFL relationship gives TMRW a second growth vector tied directly to the league's push to globalize and diversify its product beyond the 17-game regular season.
TGL itself was built as a made-for-TV product from the outset: primetime windows, tech-forward simulator format, and a roster of PGA Tour stars playing for city-branded teams. That structure was designed to be attractive to media partners and sponsors in a way traditional Tour golf, with its Sunday-afternoon-only economics, has struggled to replicate.
The identities of the additional individual investors in the new round were not disclosed, and representatives for Dynasty Equity and Connect Ventures did not immediately respond to comment requests when the story broke. The round has not formally closed.
For golf, the deal underscores how much investor appetite exists for formats that behave more like league media businesses than tours — recurring windows, city franchises, and bundled rights that can be packaged and sold like other pro sports leagues rather than one-off tournament purses.
It also reinforces a broader 2026 pattern: institutional and family-office capital chasing early-stage sports leagues and media ventures at valuations once reserved for legacy franchises, betting that star-athlete equity stakes and flexible formats can generate returns faster than traditional team ownership.
If the round closes as reported, TMRW's rise — from roughly $500 million to $1 billion-plus in about two years — would stand among the fastest valuation climbs in the sports-startup category, and would be closely watched as a comp for other athlete-founded ventures seeking similar capital.
Why it matters
It's a live test of how fast a media-first, athlete-branded sports startup can scale valuation without a traditional gate, TV ratings, or team sale — and a signal that institutional capital still sees indoor golf and flag football as investable media businesses, not novelty leagues.
Builder angle
What to watch next
Sources
- Front Office Sports Primary reporting on the funding round and valuation history
- Reuters Confirms valuation doubling to $1B