Now is a boom time to sell minority stakes in indoor golf franchises.
On Friday afternoon, TGL announced that LAGC would acquire a new minority stake from Ilitch Sports and Entertainment. The ownership group behind the Detroit Tigers and Red Wings will join an ownership group that includes Reddit founder and majority owner Alexis Ohanian as well as minority shareholders including Serena and Venus Williams, Giannis Antetokounmpo, Alex Morgan, Michelle Wie West, Shonda Rhimes and Good Good Golf.
Financial terms of the agreement have not been released, but several fascinating parts of Ilitch’s investment in TGL were revealed. As part of Ilitch’s investment in LAGC, IS+E will “serve as LAGC’s sponsor of record and serve as an extension of LAGC’s internal team” – a move that will effectively increase sales of the LAGC franchise as the second season begins in January.
The decision will allow IS+E to “leverage its network and expertise in sponsorship sales, brand development, data analytics, broadcast and media” to help the LAGC brand grow.
The Ilitch family’s investment in LAGC comes at an interesting time for TGL, which will begin its second season in January at the Sophie Center in Palm Beach Gardens. The Indoor Sim Golf League debuts on ESPN in 2024 with surprisingly strong TV ratings, bringing golf into weekend prime time, in line with much of the PGA Tour season. Last week, the league announced a series of changes aimed at making the league more competitive in its second year, including significantly expanding the size and shape of the greens.
The news also comes at an interesting time for the Ilic family. The Illitch family’s investment in TGL is notable because of its identity no Pairing: Motor City GC, owned by the Ford family, also known as the longtime stewards of Motor City. other Detroit’s major sports organization, the Lions.
In addition to owning and operating the fast-food chain Little Caesars, the Ilitch family holds majority stakes in the Tigers and Red Wings and operates much of its operations out of Detroit. They are believed to have had close ties with the Ford family, including co-financing an arena district downtown at the turn of the century.
“LAGC is reimagining the way fans experience golf,” Ryan Gustafson, president and CEO of Illitch Sports and Entertainment, said in a press release. “Joining LAGC puts us at the center of this transformation.”
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