Tiger Woods, McIlroy-Backed TMRW Sports Valued at $500 Million in Funding Round

Gillian Tan, Bloomberg News

(Bloomberg) -- TMRW Sports, the company whose co-founders include pro golfers Tiger Woods and Rory McIlroy, secured backing from Dynasty Equity Partners, the investment firm co-founded by K. Don Cornwell and Jonathan Nelson.

The funding round, led by Dynasty and Connect Ventures, values TMRW at about $500 million, according to people with knowledge of the matter.

The capital injection will fuel “expansion into new formats, leagues, territories and media properties,” said Michael Blank, Connect Ventures, which is a partnership between Creative Artists Agency and New Enterprise Associates.

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.

TMRW Sports is also “in discussions with other governing bodies,” co-founder and Chief Executive Officer Mike McCarley said in an interview.

A push into women’s golf is among options being considered, people with knowledge of the matter said.

“Our goal has always been to partner with world-class management teams in sports that have a big following,” Cornwell said. “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.”

Dynasty was attracted to TMRW’s contracted revenue from sponsors such as SoFi Technologies Inc., Cornwell said.

TMRW aims to work with “best-in-class” partners, McCarley said, pointing to TGL’s roster of team owners including David Blitzer, Marc Lasry, Steve Cohen, Arthur Blank, Fenway Sports Group and Alexis Ohanian. “That extends to our investor group. With Dynasty and Connect, we get different sensibilities and skill sets, and a real ability and willingness to roll up their sleeves and help us build this.”

TGL comprises six teams that have signed up players including McIlroy, Woods, Adam Scott, Collin Morikawa, Rickie Fowler, Justin Thomas and Ludvig Aberg. TMRW is also in discussions with potential sports-betting partners, people with knowledge of the matter said.

Other early investors in TMRW include Liberty Media’s Greg Maffei, Fanatics Inc. founder Michael Rubin, Justin Timberlake, Justin Bieber and athletes including Shohei Ohtani, Lewis Hamilton, Steph Curry and Andy Murray.

New York-based Dynasty, led by Cornwell, a former PJT Partners banker, and Nelson, the founder and executive chairman of Providence Equity Partners, struck its first deal last September — a minority stake in football club Liverpool FC.