Rory McIlroy and Tiger Woods secure $500m funding for their indoor golf league venture, TGL, which will start in 2025

According to Bloomberg, a funding round led by Dynasty Equity Partners and Connect Ventures values TMRW at about $500 million.

Connect Ventures’ Michael Blank said the capital injection will fuel “expansion into new formats, leagues, territories and media properties”.

The company’s first project is a partnership with the PGA Tour for an indoor golf league known as TGL, which is scheduled to launch in January and air on ESPN and ESPN+ in the US.

Co-founder and Chief Executive Officer Mike McCarley said TMRW Sports is also “in discussions with other governing bodies” and is also considering a move into the women’s game.

Dynasty Equity Partners’ co-founder, K Don Cornwell said: “Our goal has always been to partner with world-class management teams in sports that have a big following.

“TMRW is taking intellectual property and applying it in such a way that’s going to not only get existing fans excited but bring new fans under the tent.

“And, since accessibility and bringing diversity into sport is among our priorities, it’s a great fit.”

The six-team TGL indoor league will feature 24 of the game’s biggest stars, including Woods, McIlroy and Shane Lowry with TMRW believed to be in discussions with betting partners.

Team owners include David Blitzer (owner of the Philadelphia 76ers and NHL’s New Jersey Devils), Marc Lasry (co-owner of the NBA’s Milwaukee Bucks), Steve Cohen (owner of the New York Mets), Arthur Blank (co-founder of Home Depot and owner the NFL’s Atlanta Falcons and MLS side Atlanta United FC), Fenway Sports Group (owners of Boston Red Sox, Liverpool FC and NHL’s Pittsburgh Penguins) and Alexis Ohanian (founder of Reddit and a franchise holder in the National Women’s Soccer League).

Early investors in TMRW include Justin Timberlake, Justin Bieber, Lewis Hamilton, Steph Curry and Andy Murray.

Last week, TGL announced that former Masters champion Hideki Matsuyama had signed with McIlroy’s Boston Common Golf franchise, filling the spot vacated by England’s Tyrrell Hatton after he joined LIV Golf for an estimated $50 million.

Former Masters and US Open champion Jon Rahm was also expected to take part in the tech-fused league, but he was replaced by Sweden’s Ludvig Aberg after his move to LIV Golf for an estimated $500 million last year.

The TGL was originally due to launch in January this year, but the venture was delayed for 12 months after the indoor facility set to host the events sustained damage.

A power cut caused the collapse of the air-supported dome covering the Florida venue.

TGL will launch its inaugural season on 7 January and stage its events at the SoFi Center in Palm Beach Gardens in Florida, near the homes of Woods, McIlroy, Lowry and many of the other stars who have signed up.

TGL teams

Atlanta Drive GC: Billy Horschel, Justin Thomas, Patrick Cantlay, Lucas Glover.

Boston Common Golf: Keegan Bradley, Rory McIlroy, Hideki Matsuyama, Adam Scott.

Jupiter Links Golf Club: Tom Kim, Tiger Woods, Max Homa, Kevin Kisner.

Los Angeles Golf Club: Sahith Theegala, Tommy Fleetwood, Collin Morikawa, Justin Rose.

New York Golf Club: Rickie Fowler, Cameron Young, Matt Fitzpatrick, Rickie Fowler.

The Bay Golf Club: Wyndham Clark, Shane Lowry, Ludvig Åberg, Min Woo Lee.