GBR Tuesday | Golf, Crypto, and Tax Wars: How Trump’s Obsessions Are Reshaping Sports and the $869 Billion Elite Club of Owners
Every Tuesday and Friday Morning, We Bring You the Ten-Minute Summary of What Happened Last Week in the Golf Industry While you Were Golfing.
Good afternoon, GBR community,
We hope you are all well and fighting fit for the week ahead. We have a busy newsletter today, with the flagship PGA Tour event, The Players, starting on Thursday, the PGA Tour and Jay Monahan are already busy with lots of announcements.
After months—indeed, years—of speculation, Trump's second term is already signaling a major shake-up in golf and the broader sports industry. This will be our exclusive content for our paid subscribers.
But before that, join us as we have our usual mix of:
Industry
Circuits
Equipment
People To Watch
Must Read/Watch
Just for Paid Subscribers: It’s been a lively start to the Trump presidency and we’re not even 100 days into his second term. We take a look at his impact on the golf industry and how the future might look.
We’d also just like to remind you of our exclusive webinar for our subscribers this Thursday, 13th March at 12:00 PM EST with Nicholas Callaway.
Nicholas will be talking about his new book The Unconquerable Game, My Life In Golf & Business By Ely Callaway, and fielding some of your questions.
All attendees will be automatically entered into a draw to win one of three signed copies of The Unconquerable Game.
Existing subscribers can sign up for the event here.
We hope you enjoy today’s newsletter.
1. INDUSTRY
GREEN FEES AT TOP UK GOLF CLUBS DOUBLE IN A DECADE, STUDY SHOWS
A new analysis by Twitter creator UK Golf Guy reveals that green fees at some of the UK’s most prestigious golf clubs have surged by an average of 105% over the past decade, far exceeding inflation. In 2015, an average round at a top-20 course cost £182 ($233, €224), but by 2025, that figure has soared to £374 ($483, €445)—well above the £246 ($318, €291) it would have reached if it had only kept pace with inflation.
Cost Comparison
In 2015, the average green fee was £182 ($233, €224).
If it had followed standard inflation rates, it would have risen to £246 ($318, €291) by 2025.
However, the actual 2025 price is £374 ($483, €445)—far above what inflation alone would have justified.
This highlights how much green fees have outpaced inflation, rising 105% instead of the expected 35% based on standard economic trends.
Biggest Fee Increases
North Berwick: +185%, from £100 to £285 ($368, €338)
Royal Dornoch: +167%, from £120 to £320 ($414, €380)
Trump Turnberry: +120%, from £250 to £600 ($775, €712)
Open Championship Venues:
Royal Portrush: +114%
St Andrews: +100%
Several factors are driving these steep increases. Clubs are raising visitor rates to offset member fees while simultaneously limiting available tee times for non-members. Rising operational costs and growing demand from overseas visitors are further pushing prices higher.
PGA TOUR BRINGS GOLF TO THE METAVERSE WITH ULTIMATE GOLF SIMULATOR ON ROBLOX
As the PGA Tour’s stars compete at The Players Championship, the next generation of golf fans will have their own virtual stage with the launch of Ultimate Golf Simulator on Roblox, set to debut March 19. Developed in partnership with Ping and First Tee, the game lets users of all ages test their skills in a fun, interactive metaverse setting, guided by PGA Tour pros Viktor Hovland and Austin Eckroat. Players will aim for holes-in-one to win in-game wearables tied to their favorite tour events and items from creators like Bob Does Sports, including their popular “Have A Day” Players hat.
This marks the tour’s second venture into Roblox following PGA Tour Scramble during the 2023 FedExCup Playoffs, underscoring a broader effort to engage younger audiences through innovative digital platforms. With Roblox hosting over 85 million daily active users and a growing presence in sports entertainment, Ultimate Golf Simulator aims to reach Gen Z and Gen Alpha fans, who increasingly connect with golf in non-traditional ways. The initiative reflects insights from the tour’s Fan Forward strategy, as the sport continues to evolve its engagement beyond traditional TV viewership. More information is available from the PGA Tour.
SKY SPORTS AND CALLAWAY GOLF ANNOUNCE MAJOR PARTNERSHIP FOR 2025 SEASON
Sky Sports in the UK and Callaway Golf have unveiled a significant partnership for 2025, positioning Callaway as the official sponsor for many of the sport’s biggest tournaments across both the men’s and women’s games. The multi-platform agreement, brokered by Sky Media, will see Callaway co-sponsor key events including The Masters, PGA Championship, US Open, and four of the five Women’s Majors — the Chevron Championship, KPMG Women’s PGA Championship, US Women’s Open, and Evian Championship.
In addition to event sponsorship, the deal includes co-branded Sky Sports Golf podcasts, digital advertising, and collaborative events around major golfing moments. Callaway will also sponsor Sky’s non-live content surrounding The Open, aimed at amplifying the tournament’s reach to broader audiences. This partnership underscores both brands’ commitment to elevating golf’s premier events and growing the game across genders and audiences worldwide. More information on the partnership can be found at Sky Sports.
FOXTEL SPORTS AUSTRALIA LOCKS UP EXCLUSIVE MASTERS RIGHTS
Foxtel has secured exclusive broadcast rights to the Masters Tournament in Australia, building on its long-standing agreement with Augusta National Golf Club. This deal means there will be no free-to-air coverage of golf’s most prestigious major in the Australian market, with fans required to tune in via Foxtel and its streaming platform, Kayo Sports. The partnership, spanning nearly two decades, will continue to include a dedicated Masters Week channel offering comprehensive coverage.
This agreement marks a significant milestone, as it positions Foxtel as the exclusive Australian home for all four major golf championships — The Masters, U.S. Open, The Open Championship, and the PGA Championship — for the first time. Beyond the majors, Foxtel also broadcasts a wide array of international and domestic golf events, including the LPGA, European Tour, Asian Tour, Ryder Cup, Solheim Cup, and key Australian tournaments, solidifying its dominance in golf broadcasting across the country. Tariq Saleh’s full story can be found on Sportcal.
DELTA AIR LINES NAMED OFFICIAL GLOBAL AIRLINE OF PGA TOUR
The PGA Tour and Delta Air Lines have announced a multi-year partnership naming Delta as the Official Global Airline of both the PGA Tour and PGA Tour Champions. Delta’s SkyMiles Experiences platform will offer golf fans and loyal customers exclusive access to PGA Tour experiences as part of the collaboration. At the same time, inflight entertainment will now feature PGA Tour content, keeping fans engaged even at 30,000 feet.
PGA Tour Commissioner Jay Monahan welcomed Delta, emphasizing the deep connection between golf and travel, while Delta CEO Ed Bastian highlighted the shared commitment to delivering premium experiences. The partnership will also include new on-site fan enhancements and brand activations throughout the FedExCup season, reinforcing Delta's role in connecting fans and players to the game’s biggest events. More information on the partnership can be found at PGA Tour.
PGA TOUR AND ANHEUSER-BUSCH EXTEND PARTNERSHIP THROUGH 2030
The PGA Tour and Anheuser-Busch have announced a six-year extension of their longstanding marketing partnership, solidifying Michelob Ultra’s role as the “Official Beer Sponsor of the PGA Tour and PGA Tour Champions” through 2030. The renewed agreement also expands Anheuser-Busch's involvement with the Presidents Cup, designating Michelob Ultra, Michelob Ultra Zero, and NUTRL as official sponsors in beer, non-alcohol beer, and hard seltzer categories, respectively. Additionally, Michelob Ultra Zero will now serve as the “Official Non-Alcohol Beer of the PGA Tour and PGA Tour Champions.”
Anheuser-Busch, a PGA Tour partner since 1994, will continue to activate at 23 events annually, including premier tournaments like The Players Championship and Tour Championship. The new global rights category offers the brand greater international reach and new opportunities for fan engagement, with Michelob Ultra enhancing on-site experiences at events like The Players. More information on the new deal can be found at the PGA Tour.
GOLFTEC OPENS NEW NORTHWEST SAN ANTONIO LOCATION
GOLFTEC has announced the opening of its newest center in Northwest San Antonio. The state-of-the-art facility offers golfers access to GOLFTEC’s advanced OPTIMOTION swing analysis technology, personalized coaching from certified instructors, and custom club fitting services. These services are designed to help players of every level improve their game through a data-driven approach.
Led by Franchise Owner and Center Manager Ryan Cummings—who has over 23 years of experience in the San Antonio golf community and has taught more than 17,000 lessons—the new center is now open for Swing Evaluations at a special introductory price of $95. More information on GOLFTEC’s new San Antonio’s facility can be found here.
PROSHOP APP LAUNCHES AS INNOVATIVE PLATFORM FOR GOLFERS AND COACHES
A new golf app, ProShop, has officially launched. It offers golfers direct access to some of the world’s top instructors through a personalized, structured platform to drive measurable improvement. Beyond traditional online coaching, ProShop integrates player profiles, skill tests, GPS tools, score-tracking, and a dynamic ‘clubhouse’ community where users can connect directly with coaches like Georgia Ball, Bryce Cope, Alex Riggs, and Kerrod Gray.
Challenging golf’s “quick fix” social media trend, ProShop focuses on long-term improvement, offering structured programs and interactive leaderboards to benchmark progress. The app also features a unique subscription model that allows users to follow one coach while accessing ad-free content from the broader coaching network. Now available on iOS and Android, ProShop invites golfers to join a growing community committed to elevating their game. Dan Owen’s full article on the new ProShop app is available at Golf Retailing.
VIETNAM EXPANDS GOLF DEVELOPMENT WITH PGA OF AMERICA PARTNERSHIP. A new collaboration between the Vietnam Golf Training Centre (Every Golf Vietnam), Silk Path Dong Trieu Golf & Country Club, and the PGA of America aims to elevate golf education and development in Vietnam. By integrating the expertise of the PGA of America with the world-class facilities of Silk Path Dong Trieu, the initiative seeks to enhance training standards and promote the sport's growth in the region. More in Golf Industry Asia.
DUNLOP SPORTS KOREA FINED $1.29 MILLION FOR PRICE MANIPULATION.
South Korea’s Fair Trade Commission (KFTC) has fined Dunlop Sports Korea $1.29 million for enforcing resale price maintenance on golf clubs between 2020 and 2023. As the exclusive distributor of Japan’s A-brand clubs, Dunlop set minimum prices and penalized retailers who offered discounts. These measures included supply restrictions and termination of contracts, with enforcement through undercover inspections. The KFTC emphasized that the ruling serves as a warning against similar violations, noting that the fine is over three times higher than penalties imposed in a 2009 case involving other golf club distributors. By Competition Policy International.
2. CIRCUITS
PGA TOUR INTRODUCES AI COURSE SETUP TOOL AT THE PLAYERS CHAMPIONSHIP
In a PGA Tour first, artificial intelligence will assist rules officials and agronomists with daily course setup at The Players Championship through the newly launched AI Course Setup Tool Presented by Morgan Stanley. Debuting this week at TPC Sawgrass, the app delivers unprecedented data insights to support decisions on tee and hole locations, factoring in expected scoring, driving distance, rough penalties, and more based on real-time and historical data.
“As a firm long committed to innovation and a vision for what’s possible, we are proud to partner with the Tour on this groundbreaking tool,” said Morgan Stanley Chief Marketing Officer Alice Milligan. Traditionally a manual process, course setup will now benefit from AI-driven simulations, giving officials a clearer view of how setup choices affect play. This development marks a significant step in blending technology and tradition to enhance golf's premier events. More information on the new app is available at the PGA Tour.
PGA TOUR UNVEILS AI SHOT COMMENTARY IN TOURCAST FOR ENHANCED FAN EXPERIENCE
In a move to enhance fan engagement, the PGA Tour is introducing AI-generated shot commentary within its Tourcast platform, starting at The Players Championship at TPC Sawgrass. Powered by AWS and built on advanced machine learning and generative AI, Tourcast will now provide written context for every shot taken by every player during PGA Tour events, offering fans a deeper understanding of what each shot means in real time. This new feature goes beyond simple data, providing insights into how a shot fits into a player’s round and the broader competition, giving fans a richer, more dynamic experience.
The AI commentary feature is part of the Tour’s Fan Forward Initiative, launched to give fans—especially the 18-34 demographic—greater access to data-driven insights. Tourcast AI aims to evolve further with future plans for customizable streams, end-of-round summaries, and Golf 101 content for newcomers. More information on the new AI-generated commentary on Tourcast can be found in Michael LoRe’s article for the PGA Tour.
TGL EYES EXPANSION WITH PROSKAUER AS LEGAL ADVISOR
TGL has engaged the law firm Proskauer to assist in its anticipated expansion, with at least one new team expected to join the league within the next two seasons, according to sources familiar with the matter. The move signals TGL’s ambitions for growth as the tech-infused golf league continues to draw interest from sports executives and investors. Since its launch, high-profile figures such as members of the Wilf family (owners of the Minnesota Vikings), MLSE chairman Larry Tanenbaum, former Raptors owner John Bitove, and executives from franchises like the S.F. Giants, Lions, Ravens, and Penguins have been spotted at SoFi Center during matches.
Currently featuring six teams, TGL has seen significant investor interest, with franchise values estimated between $25 million and $100 million, according to The Bay Golf Club owner Marc Lasry. As TMRW Sports co-founder Mike McCarley hinted prior to the season's start, expansion is a natural next step, especially as the league draws consistent attention from leaders in the broader sports landscape, including investment giants like Sixth Street Partners. Josh Carpenter’s full article is available at Sports Business Journal.
LIV GOLF CEO SCOTT O’NEIL SEES FUTURE FOR GLOBAL PLAYER MOVEMENT
New LIV Golf CEO Scott O’Neil believes the world of golf will "open up again" and that LIV has a key role in expanding the game globally. In an exclusive interview with AFP at LIV Hong Kong, O'Neil, who succeeded Greg Norman in January, said LIV’s position in golf is “very different from anybody else” and pointed to shifting perceptions of the league, noting that all four major championships now offer LIV players pathways to compete. While he avoided direct comment on stalled talks with the PGA Tour and Saudi Arabia's Public Investment Fund, O’Neil emphasized LIV’s desire for player movement and opportunities for its stars, saying, “Eventually, I believe that golf will open up again.”
O'Neil likened LIV to "the Formula One of golf" and expressed optimism for its long-term role in the sport, despite ongoing divisions with the PGA Tour. He highlighted LIV’s distinctive approach with its 54-hole, shotgun-start tournaments that combine individual and team play based around a fan-driven atmosphere. “Everywhere we go — Riyadh, Adelaide, Hong Kong, Singapore, Miami, Mexico City, Seoul — I think this is the way golf should be,” O’Neil said, reaffirming LIV’s commitment to bringing top-tier golf to global audiences while continuing to wait for a broader resolution in professional golf. Daniel Hicks’ full story can be found at Yahoo Sports.
JOHN CATLIN WINS FIRST-EVER LIV GOLF QUALIFIER TO JOIN IRON HEADS IN SINGAPORE
John Catlin has secured his place in this week’s LIV Golf Singapore presented by Aramco by winning LIV Golf’s first-ever onsite qualifier. Catlin shot a 4-under 67 at Sentosa’s Serapong course to outpace fellow reserves Wade Ormsby, Ollie Schniederjans, and Kalle Samooja in a unique step-ladder elimination playoff. The win earns him a spot on Kevin Na’s Iron Heads GC, filling in for injured teammate Jinichiro Kozuma, and marks a shift from LIV’s previous practice of simply assigning reserves to fill open spots.
Catlin, who made six appearances as a LIV reserve last season and was part of the Smash GC team that won at Greenbrier, embraced the new qualifying format. “They’re kind of trying to shake things up – and this definitely shook us up. We weren’t ready for it. It’s a cool concept and, hey, I obviously liked it,” said Catlin, who was congratulated on the 18th green by Na. With Kozuma’s status uncertain for future events, Catlin will aim to capitalize on this opportunity and prove himself on the global LIV stage once again. The full report of Catlin’s playoff success can be found at LIV Golf.
3. EQUIPMENT
BEN HOGAN SET TO ENTER DRIVER MARKET WITH TWO NEW MODELS
Ben Hogan Golf appears poised to launch two new drivers, as evidenced by their recent entry on the USGA’s conforming club list. The upcoming PTx driver lineup will include a low-spin version (PTx LST) and a more forgiving model (PTx Max), aimed at catering to different player preferences and fitting needs. Both designs feature a raised center section on the sole, reminiscent of COBRA’s Speedback and TaylorMade’s Inertia Generator, to lower the center of gravity for higher launch and increased MOI, along with a Speed Slot toe feature for aerodynamic efficiency.
While details are limited, early indications suggest neither model will offer adjustable or flippable weights, with the LST favoring a forward weight placement for lower spin and the Max featuring a rear weight for added forgiveness. Although no groundbreaking innovations are apparent, if priced competitively, the PTx line could appeal to loyal Hogan fans and value-conscious golfers looking for performance without the premium price tag. Tony Covey’s report on the new Ben Hogan drivers can be found at My Golf Spy.
4. PEOPLE TO WATCH
Gorman Golf Media has announced the appointment of Greg Wise as the new publisher of Under Par Golf Media. Wise brings more than 20 years of experience as a freelance golf writer and photographer, with an award-winning background in graphic design. He will continue to cover a wide range of golf topics, including travel, equipment, profiles, professional golf, lifestyle, and fashion. More details about Greg can be found at Under Par Golf Media.
Wasserman has confirmed that longtime golf player manager Butler Melnyk, who managed World No. 4 Ludvig Åberg and several other PGA Tour players, has left the agency. Melnyk had been with Wasserman since 2010, though sources indicate his departure stemmed from internal disagreements over client management strategy. At the start of 2025, Melnyk’s roster included Charley Hoffman, Kevin Kisner, Michael Kim, Michael Thompson, and Sepp Straka — with Åberg and Straka already posting wins this season. Josh Carpenter’s full piece for Sports Business Journal can be found here.
Titleist has appointed Alistair Welsher as the new Area Sales Manager for the South West of England and South Wales, following Ben Fisher’s promotion to UK Strategic Account Manager. Welsher brings extensive experience from his time as PGA Head Professional at Tiverton Golf Club and as an Area Sales Manager for Wilson Golf. Golf Business News.
Trinifold Sports Management has strengthened its commitment to women’s golf by signing rising European stars Carla Tejedo, Anna Zanusso, and Ana Dawson. Tejedo and Zanusso, both 24, bring impressive amateur pedigrees, with Tejedo winning the 2023 European Ladies Team and World University Championships, and Zanusso following as 2024 World University champion and a three-time collegiate titleholder at the University of Denver. They join Ana Dawson, the Isle of Man’s first LET professional, who continues to proudly represent her nation as she enters her third season on tour. More information can be found at Triniford Sports.
Jeff Plotts Prepares TPC Sawgrass for The Players Championship
Jeff Plotts, Director of Course Management at TPC Sawgrass, recently joined Golfdom TV to discuss the preparations leading up to The Players Championship. He detailed the extensive efforts required to maintain the course’s elite conditions, emphasizing the challenges posed by Florida’s climate and the innovations used to uphold TPC Sawgrass’s reputation as a premier golf venue. By Seth Jones and Will Coughlin in Golfdom.
5. MUST READ/WATCH
A recent Golf Business Quarterly feature highlights how Topgolf is driving golf participation in the UK, with over a million visits, 55 million balls hit, and 3,000 lessons delivered in 2024 across four venues. James Moar, Director of Instruction at Topgolf Watford, explains how the venue attracts new players and helps them transition to golf courses, with many first-time players taking lessons and eventually buying their own equipment.
In an interview with Golf Business News, Hector Forcen, the R&A’s Sustainable Agronomy Manager, emphasized the importance of integrating sustainability into golf course maintenance to ensure long-term environmental and economic viability. Forcen highlights how the R&A's Sustainable Agronomy Service is helping courses worldwide adopt practices that balance playability with ecological responsibility.
As we mentioned a couple of weeks ago, Topgolf Callaway Brands reported its results after a turbulent year, but should investors look to Topgolf Callaway to their investment portfolio? Insider Monkey shares its views with the following investment note.
PGA Tour players are voicing concerns over upcoming changes to golf ball testing regulations, set to take effect in 2028, with Geoff Shackelford offering sharp criticism in The Quadrilateral.
6. JUST FOR PAID SUBSCRIBERS
TRUMP’S FIXATION ON GOLF, CRYPTO, AND TAXES IS SHAKING UP THE $869 BILLION CLUB OF SPORTS TEAM OWNERS
After months—indeed, years—of speculation about how Donald Trump's second term might impact the golf business specifically, and the burgeoning broader sports industry in general, the initial weeks of his presidency are already offering clear signals of how the Trump administration intends to disrupt the current landscape and start a new chapter.
Trump's ties to sports are no secret—he owns or manages at least 11 golf courses in the United States, alongside others in the UK, Ireland and some other global locations. But his latest moves suggest ambitions stretching far beyond fairways and greens.
These moves closely align with Trump's longstanding obsessions—golf, wealth, and now cryptocurrencies—highlighting a clear intersection between his personal interests and public policy decisions
Golf Industry: Resolving the PGA-LIV Conflict
President Trump swiftly prioritized resolving the long-standing conflict between the PGA Tour and Saudi-backed LIV Golf. He facilitated high-level discussions at the White House with key stakeholders, including PGA Tour Commissioner Jay Monahan, golf icons Tiger Woods and Adam Scott, and Yasir Al-Rumayyan from Saudi Arabia’s Public Investment Fund. Trump's advocacy for a peaceful resolution aligns closely with his financial interests, given his ownership or management of at least 11 U.S. golf courses and additional properties abroad.
Crypto-Sports Sponsorship Surge
Yet, golf is merely a slice of Trump's broader strategy intertwining sports with cryptocurrencies. The crypto industry is experiencing a resurgence in the U.S. following Trump’s promise of looser regulation and reduced pressure from financial watchdogs. Notably, he plans to diversify America's gold reserves by partially backing them with cryptocurrencies.
Crypto firms are capitalizing on this friendly climate, significantly increasing their sports sponsorship budgets. According to the Financial Times, notable recent deals include:
Stablecoin company Tether acquiring a 5% stake in Juventus, Italy’s premier football club.
Crypto exchange Gato.io securing a sponsorship deal with Red Bull Racing’s Formula 1 team.
Coinbase partnering with Aston Martin Aramco, another Formula 1 giant.
Crypto platform XBO.com becoming the official sponsor of Argentina's national soccer team.
Average sponsorship deal values have surged to approximately $4.3 million, nearly doubling compared to the cautious regulatory environment under the Biden administration.
Regulatory and Reputational Risks
However, caution remains necessary. As FT recalls, the collapse of crypto exchange FTX in 2022 still casts a shadow. Sports organizations and regulators are wary of repeating past mistakes, especially amid intensified scrutiny connecting cryptocurrencies to gambling—a sensitive topic that recently prompted England's Premier League to ban gambling sponsorships on team jerseys starting the 2025-26 season, potentially setting the stage for broader scrutiny on crypto-linked agreements.
Billionaire Tax Shake-Up: How Trump’s Reforms Could Reshape Golf, Sports Ownership, and Franchise Valuations
In parallel, Trump is aggressively pursuing tax reforms aimed at removing special tax benefits previously enjoyed by billionaire sports team owners. Among the targeted group are America's wealthiest, whose combined net worth totals approximately $869 billion. Prominent names include: