New Tiger Woods-Backed Golf League Sells First Team To Williams Sisters, Reddit Founder Ohanian

Topline

The Tiger Woods and Rory McIlroy-backed golf league, TGL, announced Thursday that tennis stars Venus Williams and Serena Williams, along with Serena’s husband and venture capitalist Alexis Ohanian, purchased a team called the Los Angeles Golf Club—marking the formation of the league’s first team just seven months before it is planned to launch.

Woods backs the league alongside fellow PGA Tour golfer Rory McIlroy and media executive Mike … [+] McCarley. (Photo by Harry How/Getty Images)

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Key Facts

Terms of the deal were not disclosed, but reports have previously confirmed that each team will own a 3% equity stake in the league itself, with a goal of having six teams to begin the competition.

All six of the league’s teams are required to have a control owner who holds at least 51% of voting shares and at least 33.3% equity in the team—Ohanian will be LAGC’s control owner, according to Sportico.

The team’s old-English-infused branding was revealed Thursday by Serena and Ohanian, alongside a promo video and merchandise previews.

The team’s roster will be announced later this year and will consist of three PGA Tour players.

The league plans to launch next January and will play its matches in a custom-built Florida arena.

Key Background

The TGL, developed in partnership with the PGA Tour, was co-founded by TMRW Sports founders Woods, McIlroy and media executive Mike McCarley. TMRW will reportedly own more than half of the league, while the PGA Tour will own 18%. The league’s two hour, 18-hole matches will be played Monday nights in primetime, with teams playing on a virtual course within an arena. The arena will be based in Florida and built on county-owned land on the Palm Beach State campus, according to the PGA Tour. Ohanian’s involvement in LAGC marks another sports investment forthe Reddit co-founder, who is also a co-founder and leading investor of National Women’s Soccer League team Angel City FC.

Tangent

Although team rosters have not been revealed, 12 players have been confirmed so far, including Woods, McIlroy, Justin Thomas and Collin Morikawa. More players will be announced at a later time.

Valuation

We estimate Woods’ net worth at $1.1 billion and Serena Williams’ net worth at $290 million.

Big Number

$2.4 million. That is how much the TGL is reportedly projected to allocate for each of its teams in its inaugural year, according to SportsPro Media.