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Steve Cohen invests in golf startup Tiger Woods Rory McIlroy TGL


New York Mets owner Steve Cohen speaks to the media before a game against the Milwaukee Brewers at Citi Field on June 28, 2023 in New York City. The Brewers beat the Mets 5-2.

Jim Mcisaac | Getty Images

Mets financier and owner Steve Cohen has purchased the founding rights to the New York team from Tiger Woods and the new TGL golf league from Rory McIlroy, the organization announced Thursday.

Cohen’s team will be managed by his family office Cohen Private Ventures. The competition will kick off in TGL’s inaugural season next year.

“As golf continues to grow in popularity, there is a demand for improved access to the sport and to the best players in the world. … We are thrilled to be part of TGL and build a team that makes New York City proud,” Cohen said. in a report.

Financial terms of the agreement were not disclosed.

TGL is a new high-tech primetime golf league that will begin in January 2024. The league has attracted the power of megastars. Top players who have committed to participate include Woods, McIlroy, Jon Rahm, Justin Thomas, Collin Morikawa, Matt Fitzpatrick, Justin Rose, Adam Scott, Xander Schauffele, Max Homa, Rickie Fowler and Billy Horschel.

TGL will operate in partnership with the PGA Tour (the circuit is an investor there) and players will be able to participate in both leagues. TGL says the event schedule will be complementary to PGA Tour player schedules.

The launch of TGL comes as professional golf finds itself at a major crossroads. The PGA Tour and new rival LIV Golf agreed to merge in June, but have yet to sign a final agreement and are still under congressional scrutiny. A Senate hearing is expected on the matter next week.

TMRW Sports Managing Director Mike McCarley, left, and Rory McIlroy of Northern Ireland smile as they talk about the TGL Golf League concept during a press conference ahead of the TOUR Championship, the third and final event FedExCup Playoffs, at East Lake Golf Club on August 24, 2022 in Atlanta, Georgia.

Keyur Khamar | PGA Tour | Getty Images

The new league will operate with six three-player PGA Tour teams competing at a venue under construction on the campus of Palm Beach State College in Florida.

Although Cohen will own the rights to the New York team, all events will take place in Florida. However, the league plans to tap into the golf and sports audience in the New York market with events, community outreach and the use of technology to build a fanbase.

A media deal for the league has yet to be announced, but a source told CNBC it should be finalized soon.

Cohen’s ownership group is the fourth for TGL. Other ownership groups include Falcons owner Arthur Blank, Fenway Sports Group, technology founder Alexis Ohanian and tennis stars Serena and Venus Williams. Other league investors include basketball great Stephen Curry, racing driver Lewis Hamilton, women’s soccer player Alex Morgan, professional soccer players Tony Romo and Josh Allen, and singer Justin Timberlake.

“The addition of New York as a TGL team not only confirms the success of adding major markets to TGL, but also adds an ownership group with strong ties to other league teams and fanbases. Steve Cohen’s ability and willingness to leverage, promote and market this team to New York City fans is an important milestone as we move towards the launch of TGL in January,” said Mike McCarley, co -founder of TMRW Sports, the company that operates TGL.

Cohen is president of asset management firm Point 72. This lifelong baseball fan bought the New York Mets from MLB in 2020 and is the team’s president and CEO.

The Mets have struggled this season despite starting the year with the highest payroll in the league. They are second to last in the National League East.