Steve Cohen invests in Tiger Woods and Rory McIlroy’s golf startup TGL

Financier and Mets owner Steve Cohen has bought the founding rights to Tiger Woods’ New York team and Rory McIlroy’s fledgling TGL golf league. the organization announced Thursday.

Cohen’s team is led by his family office, Cohen Private Ventures. The competition will begin in the first season of TGL next year.

“As golf continues to grow in popularity, there is a need for increased access to the sport and the world’s best players. … We’re excited to be a part of TGL and to build a team that makes New York proud,” Cohen said in a statement.

The financial terms of the deal were not disclosed.

TGL is a new high-tech prime-time golf league launching in January 2024. The league has attracted mega stars. 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 be partnered with the PGA Tour – the tour is an investor – and players can compete in either league. According to TGL, the timing of the event will complement players’ PGA Tour schedules.

The launch of TGL comes at a time when professional golf is at an important crossroads. The PGA Tour and young rival LIV Golf agreed to merge in June but have yet to sign a final agreement and are still facing congressional review. A Senate hearing on the issue is expected next week.

The new league will feature six teams of three PGA Tour players competing in a stadium being built on the campus of Palm Beach State College in Florida.

While Cohen owns 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 through events, outreach and the use of technology to build a fan base.

A media deal for the league has not yet been announced, but a source told CNBC that a deal is expected soon.

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

“The addition of New York as a TGL team not only continues the success of expanding the TGL into key markets, but also adds an ownership group with strong ties to other major league teams and fan bases. Steve Cohen’s ability and willingness to operate, promote and market.” “This team for New York fans is a significant step towards the launch of TGL in January,” Mike McCarley, co-founder of TMRW Sports, told the company , which operates TGL.

Cohen is chairman of the asset management firm Point72. The longtime baseball fan purchased Major League Baseball’s New York Mets in 2020 and serves as the team’s chairman and CEO.

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