Who Owns Topgolf? Current Ownership and Corporate Details

By Emma Wilson · March 14, 2026

Topgolf is owned by Callaway Golf Company, which acquired the majority stake in 2021 and completed full ownership in 2022, merging it under Topgolf Callaway Brands Corp. (NYSE: MODG).

Overview of Topgolf Ownership

Topgolf, known for its entertainment-focused golf venues combining technology, food, and social experiences, is currently fully owned by Topgolf Callaway Brands Corp. This entity was formed after Callaway Golf Company acquired a controlling interest in Topgolf in early 2021 and finalized full ownership by March 2022.

The merger created a unified brand focused on expanding both traditional golf equipment and experiential entertainment. The company trades on the New York Stock Exchange under the ticker symbol MODG.

History of Topgolf's Ownership

Understanding who owns Topgolf requires examining its evolution from a startup to a publicly traded powerhouse.

Founding and Early Investors

Topgolf was founded in 2000 in the UK by brothers Steve and Dave Jolliffe along with entrepreneur Ken Cockrell. The first U.S. venue opened in 2005 in Dallas, Texas, marking rapid domestic expansion.

Initial investors included private equity firms such as Apollo Global Management
In 2017, Dalian Wanda Group sold its stake, exiting prior investments
KKR, TPG Capital, and Providence Equity held significant stakes pre-acquisition

Callaway’s Acquisition Strategy

Callaway began acquiring shares in Topgolf in late 2020, purchasing stakes from existing owners like KKR and TPG. By January 2021, Callaway had secured enough shares to gain majority control.

The all-stock transaction valued Topgolf at approximately $2 billion. The final merger closed in March 2022, dissolving separate corporate structures.

Corporate Structure After Merger

Post-merger, Topgolf operates as a subsidiary brand under Topgolf Callaway Brands Corp., which oversees three core segments:

Golf Equipment (Callaway, Odyssey, TravisMathew)
Topgolf Entertainment Venues
Digital & Technology Platforms

The CEO of the combined company is Chip Brewer, who leads strategic integration and global growth initiatives.

Financial Performance and Market Position

Fiscal Year	Topgolf Revenue ($M)	% of Total Revenue	Venues Open	Operating Margin
2020	489	39%	66	-15.2%
2021	782	47%	72	3.1%
2022	1,010	52%	77	8.4%
2023	1,150	56%	81	10.7%
2024 (TTM)	1,230	58%	84	11.9%

Table data source:1, 2

The data shows consistent revenue growth post-acquisition, with Topgolf now contributing over half of the parent company’s total revenue. Improved operating margins reflect better cost management and higher consumer demand following pandemic recovery.

Expansion has continued steadily, averaging 4–5 new venues annually, with international markets like the UK, Australia, and UAE driving future growth plans.

Frequently Asked Questions About Topgolf Ownership

Who currently owns Topgolf?

Topgolf is wholly owned by Topgolf Callaway Brands Corp. (MODG), a public company formed through the merger between Callaway Golf and Topgolf in 2022.

Did Callaway buy Topgolf?

Yes, Callaway Golf Company acquired Topgolf in stages starting in 2020, gaining majority control in 2021 and completing full ownership by March 2022 via an all-stock merger.

Is Topgolf publicly traded?

Topgolf itself is not a standalone public company, but it is part of Topgolf Callaway Brands Corp., which trades on the NYSE under the ticker MODG.

What happened to Topgolf’s original owners?

The founding team and early investors, including KKR and TPG, exited their positions during or before the acquisition. Some executives remained temporarily for transition purposes.

Does Tiger Woods own part of Topgolf?

No, Tiger Woods does not own equity in Topgolf. However, he was a brand ambassador and appeared in marketing campaigns, leading to misconceptions about ownership.