Tiger Woods and Rory McIlroy’s innovative golf league TGL is yet to see its first shot hit, but the concept is already big business with two hedge funds joining the ownership group

TMRW Sports, the company co-founded by Tiger Woods and Rory McIlroy that will launch innovative golf league TGL next year, has been valued at $500 million after fresh investment by hedge funds Dynasty Equity Partners and Connect Ventures.

TGL is a tech-infused, team-based golf league which will be broadcast live on ESPN in early 2025. Six four-man teams packed with many of the PGA Tour’s top stars will compete in an indoor arena that boasts a giant simulator and a high-tech green with dynamic topography.

The made-for-TV league was due to launch in January, but the inaugural season was delayed after storm damage last year halted construction and forced a rethink of the design of the venue in Palm Beach Gardens, Florida, which was due to be housed inside an inflatable dome.

But the delay has not impacted the value of the business, with a recent funding round leading to fresh investment from Dynasty and Connect. According to Bloomberg, the investment values TMRW Sports at $500 million, six months before TGL’s first shot will be struck.

Dynasty and Connect were impressed by the concept of TGL, which will air in primetime on ESPN following the conclusion of the NFL regular season. Michael Blank, head of consumer investments at Connect, said the funding will focus on “expansion into new formats, leagues, territories and media properties.”

According to the report, TMRW Sports is considering expanding TGL to create a women’s competition, with the company’s CEO Mike McCarley saying it is “in discussions with other governing bodies”.

K. Don Cornwell of Dynasty, which also owns a minority stake in Liverpool Football Club, added: “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.”

Before the latest funding round, TMRW Sports already boasted a long and varied list of investors, ranging from business giants Steve Cohen, Arthur Blank, Fenway Sports Group and Alexis Ohanian to sports and music stars such as Steph Curry, Shohei Ohtani, Justin Timberlake, Niall Horan and Justin Beiber.

Woods and McIlroy have recruited a star-studded roster for the inaugural season of TGL. Justin Thomas, Jordan Spieth and Rickie Fowler are among the 24 players split across six teams, which will represent Atlanta, Boston, New York City, Los Angeles, the Bay Area, and Jupiter, Florida respectively.