Callaway issues statement responding to report that company is for sale
By Matt Chivers
After a report in South Korea that suggested Callaway was up for sale, the popular golf equipment company has responded…
Topgolf Callaway has denied reports suggesting the company is for sale.
The Chosun Daily in South Korea reported that Callaway Golf, named Topgolf Callaway Brands Corp. in full, was up for sale and a South Korean strategic investor was in the running to buy the company.
The report valued Callaway at $2.98 billion and said that the company’s major shareholders had selected a lead manager and were in the process of selling stakes and management rights.
Callaway addressed the report from Wednesday with an official statement:
“While it is our long-standing practice not to respond to market rumours and speculation, in light of today’s unusual market activity, coupled with a recent media report originating in Korea regarding discussions of a potential sale of the Company or its golf equipment business, we confirm that we are not aware of any such discussions.
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“We do not intend to comment further on this topic, and we assume no obligation to make any further announcement or disclosure should circumstances change.”
The Chosun Daily also suggested that the major shareholders would “spin off Topgolf” and only sell Callaway Golf.
In March 2021, Callaway and Topgolf completed a merger which looked to create “an unrivalled tech-enabled golf company delivering leading golf equipment, apparel and entertainment.”
Topgolf is a golf entertainment business that provides open-air venues and Toptracer technology to give customers a unique experience within the setting of a driving range.
Since the company’s inception in 1982, Callaway has gradually become one of the most popular and successful equipment brands in the game alongside TaylorMade and Titleist.
Callaway has a strong stable of representatives across the sport such as Xander Schauffele, Sam Burns, Nicolai Hojgaard, Minjee Lee and Rose Zhang.
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Matt Chivers
Now on the wrong side of 25, Matt has been playing golf since the age of 13 and was largely inspired to take up the game by countless family members who played golf during his childhood.
Matt is a member at Royal Cinque Ports in Deal playing off a 5 handicap, just a pitching wedge away from his hometown of Dover where he went to school and grew up. He has previously been a member at Etchinghill and Walmer and Kingsdown in Kent.
Having studied history at the University of Liverpool, Matt went on to pass his NCTJ Exams in Manchester a year later to fulfil his lifelong ambition of becoming a journalist. He picked up work experience along the way at places such as the Racing Post, the Independent, Sportsbeat and the Lancashire Evening Post.
Matt joined NCG in February 2023 and is the website’s main source of tour news, features and opinion. He has reported live from events such as The Open, the Ryder Cup and The Players Championship, having also interviewed and spent time with some of the biggest names in the sport.
Consuming tour golf on what is a 24/7 basis, you can come to Matt for informed views on the game and the latest updates on the PGA Tour, DP World Tour, LPGA Tour, Ladies European Tour and LIV Golf.
What’s in Matt’s bag: Cobra LTDx LS driver, Cobra LTDx 3-wood, TaylorMade P7MC irons, Ping Glide 4.0 wedges, Odyssey putter.
