Topgolf has become a place where many people who have never swung a club go to enjoy golf.
TopGolf Panama City Beach, Fla
The front entrance of Topgolf is seen on Thursday, Aug. 29, 2024, in West Des Moines.

Topgolf Callaway Brands is restructuring in a major way, announcing that it will sell a 60 percent stake in its Topgolf and Toptracer division to Leonard Green & Partners, a large private-equity firm known for investing in fast-growing consumer brands. The deal values Topgolf at roughly $1.1 billion and is expected to bring in about $770 million in cash once everything is finalized.

Over the previous decade, Callaway transformed itself into a broader “Modern Golf” business, pairing traditional equipment brands like Callaway and Odyssey with lifestyle and entertainment platforms such as Topgolf, Toptracer, TravisMathew and Ogio. The Topgolf business became one of golf's public faces of growth, with its big venues, glowing targets and millions of new players taking their first swings while holding a drink rather than a scorecard.

Topgolf Callaway Brands will still own 40 percent of Topgolf, but the move frees Callaway to refocus on what it has always done best: golf clubs, golf balls, accessories and performance apparel.

The deal is expected to close in early 2026, and after that, Topgolf Callaway Brands plans to revert to the simpler Callaway Golf Company name and will change its stock ticker accordingly to CALY.

“Post-transaction, our ongoing brand portfolio will consist of: Callaway, Odyssey, TravisMathew and Ogio,” said Chip Brewer, the president and CEO of Topgolf Callaway Golf. “These businesses generated approximately $2 billion in revenue over the last 12 months through Q3 2025. Furthermore, after the closing of this transaction, the ongoing business will be well-capitalized, enabling us to continue to reinvest in our businesses, pay down debt and deliver a meaningful return of capital to

shareholders via stock repurchases or other means. We will work with our board of directors to determine the specifics of this capital allocation strategy, as well as the optimal capital structure for our ongoing business."

For most people who visit Topgolf or a practice area that offers Toptracer range, nothing is likely to change in the near future. The venues will still operate the same way, and the technology will still be there.

Longer-term, private-equity ownership often pushes businesses to accelerate growth, which could mean more Topgolf locations, different location sizes, faster expansion of Toptracer into driving ranges and municipal facilities or new entertainment-oriented formats.

Topgolf Callaway’s business has been split in two parts, one focused on gear and one focused on entertainment. Now the company is choosing to lean even harder into equipment while still benefiting from Topgolf’s continued rise.

This article originally appeared on Golfweek: Callaway to sell majority stake in Topgolf as company refocuses on core golf business

Reporting by David Dusek, Golfweek / Golfweek

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