The TGL has its newest franchise owner, and prepare yourself, it’s a doozy.
Steve Cohen, the New York City-based hedge fund magnate and owner of the New York Mets, has taken on a “controlling stake” in a New York-based franchise for the futuristic golf league, which will debut early next year in conjunction with the PGA Tour.
Cohen, a New York native with an estimated $17 billion net worth, purchased the Mets in 2020 for $2.4 billion. Financial details of the agreement with the TGL were not released.
Cohen becomes the fourth of six original “franchise owners” for the TGL, which is aiming to have its franchises represent six major markets around the United States. So far the league has attracted an all-star cast of franchise owners, including Atlanta Falcons owner Arthur Blank (Atlanta); Boston Red Sox and Pittsburgh Penguins owner Fenway Sports Group (TGL Boston); and Reddit co-founder Alexis Ohanian, the Williams sisters and Giannis Antentokounmpo (TGL Los Angeles).
The league, which is headed by an investment group tied to Tiger Woods and Rory McIlroy, is planning to launch what it calls an “innovative,” tech-focused approach to golf utilizing many of the biggest stars of the PGA Tour. When the league launches on Monday nights beginning in January 2024, six teams of three PGA Tour players will compete in head-to-head matches on a “virtual course” paired with a high-tech “short game complex.” The regular season will run 15 matches long, followed by two weeks of playoff action.
Though the TGL is investing considerably to build “franchises” surrounding major TV markets, its competitions will all be held at an arena the league is building in Palm Beach, Fla. Woods and McIlroy are two of 12 PGA Tour players who have already committed to the new league, a list that also includes Jon Rahm, Justin Thomas, Collin Morikawa, Matt Fitzpatrick, Justin Rose, Adam Scott, Xander Schauffele, Max Homa, Rickie Fowler and Billy Horschel.
