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Rory McIlroy, one of the PGA Tour’s biggest superstars, and his investment partnership, Symphony Ventures, agreed to a deal with Drive Shack Inc. on Monday.
Symphony Ventures agreed to make an investment in Drive Shack’s venture, Puttery. McIlroy and his partners will own at least 10% of all venues under development, Drive Shack said in a press release.
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"Puttery is an immersive, unique and one-of-a-kind entertainment golf experience – it is an exciting and logical partnership for me and my investment group," McIlroy said in a release. "I have been collaborating with the Drive Shack team for more than two years on Puttery and have remained engaged throughout its entire evolution. I look forward to the opening of our first Puttery venues this summer in both Dallas and Charlotte and am committed to investing in the growth and development of future Puttery venues, contributing to their success in the coming years."
Drive Shack, a Topgolf rival, is a golf-related leisure venue that offers entertainment and food for all ages. There are four Drive Shack locations in the U.S. in Orlando, Fla.; Raleigh, N.C.; Richmond, Va., and West Palm Beach, Fla.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DS | DRIVE SHACK | 3.01 | +0.13 | +4.51% |
Puttery is set to be an indoor golf venue. The first two venues are set to open in Dallas and Charlotte, N.C. Washington, D.C., and Miami are expected to have venues as well.
"Everyone knows Rory is a highly respected, world-renowned golfer. His deep knowledge and perspective of the game will be instrumental for many years to come as we further expand our Puttery brand," Drive Shack Inc. Chairman Wes Edens said in a release.
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Edens is the co-owner of the Milwaukee Bucks.
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