Topgolf was sold in November 2025 by Callaway to private equity firm Leonard Green & Partners in a deal valuing the company at $1.1 billion. Leonard Green now holds a 60% stake, with Callaway retaining 40% but no control over decision-making. The transaction closed in January 2026 and effectively ended the 2020 Topgolf-Callaway merger. Newly appointed CEO David McKillips, who joined in February 2026 after leading Chuck E. Cheese Entertainment, has since refocused the business to balance cost-saving with an improved guest experience.

In May, McKillips initiated layoffs cutting 300 employees and $40 million in expenses by streamlining management layers and emphasizing a closer connection to customers. Although these cuts are complete, McKillips stressed the business model will continue evolving to maintain strong guest satisfaction, highlighting Topgolf’s high Net Promoter Score and reputation for being fun. Being privately owned allows Topgolf to reset and optimize its strategy without the public pressures Callaway once faced.

Topgolf has over 100 locations worldwide and plans to expand aggressively under private equity ownership. Domestically, McKillips anticipates opening three to five new venues annually, often targeting secondary and tertiary markets with smaller footprints. International growth is also underway with new sites under construction in Madrid, Abu Dhabi, and Saudi Arabia, aiming for two to four franchise openings yearly over the next five years. This expansion is fueled by a growing golf audience, with 48 million Americans playing golf in 2025, up significantly since 2019.

Despite its minority investor status, Callaway remains a strategic partner by supplying equipment and collaborating on golf-related activities. Star pros like Jon Rahm and Tyrrell Hatton continue endorsing Topgolf, and Rahm holds equity in the company. However, McKillips indicated that future endorsement deals are uncertain and that Topgolf may also expand its reach to include other influential figures within the social golf space beyond traditional professionals.