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Topgolf Sale Negotiations Begin Amid Declining Sales

11/17/2025

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Summary

Story summary

Topgolf Callaway Brands is negotiating to sell its Topgolf unit to Leonard Green, a private-equity firm, for about $1 billion.
Leonard Green, a private-equity firm with a small Topgolf stake, has provided feedback to management.
Callaway invested in Topgolf in 2006 and gained full ownership in 2021 for $2 billion.
Topgolf's sales have declined as casual golfers are less willing to pay, and the merger left its shares down 65%.

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Story summary

Topgolf Callaway Brands is negotiating to sell its Topgolf unit to Leonard Green, a private-equity firm, for about $1 billion.
Leonard Green, a private-equity firm with a small Topgolf stake, has provided feedback to management.
Callaway invested in Topgolf in 2006 and gained full ownership in 2021 for $2 billion.
Topgolf's sales have declined as casual golfers are less willing to pay, and the merger left its shares down 65%.