Who Owns Topgolf?
Updated onExplore the ownership hierarchy of Topgolf. See parent companies, holding structures, and ultimate controllers.
Ownership Chain
Topgolf
Topgolf is a global sports-entertainment venue chain that combines tech-enabled golf driving range games with a full-service bar, restaurant, and event spaces.
Starts at $6 / player membership card
Topgolf Callaway Brands Corp.
Topgolf Callaway Brands Corp. is a publicly traded, tech-enabled Modern Golf and active lifestyle company that designs, manufactures, and sells golf equipment, apparel, and entertainment experiences worldwide, with a portfolio of brands including Topgolf, Callaway Golf, TravisMathew, Toptracer, Odyssey, OGIO, Jack Wolfskin, and World Golf Tour.
Topgolf
Topgolf is a global sports-entertainment venue chain that combines tech-enabled golf driving range games with a full-service bar, restaurant, and event spaces.
Starts at $6 / player membership card
Topgolf Callaway Brands Corp.
Topgolf Callaway Brands Corp. is a publicly traded, tech-enabled Modern Golf and active lifestyle company that designs, manufactures, and sells golf equipment, apparel, and entertainment experiences worldwide, with a portfolio of brands including Topgolf, Callaway Golf, TravisMathew, Toptracer, Odyssey, OGIO, Jack Wolfskin, and World Golf Tour.
Major Shareholders
Topgolf
Major Shareholders
| Name | Type | Ownership | As of |
|---|---|---|---|
Providence Equity Partners LLC Private equity firm and legacy Topgolf investor; largest reported shareholder of Topgolf Callaway Brands based on recent ownership disclosures. | Institutional | 11.5% | Sep 2025 |
BlackRock Inc. Global asset manager; holds MODG shares across multiple BlackRock-advised funds, reported at about 11.1% of shares outstanding. | Institutional | 11.1% | Sep 2025 |
Thomas G. Dundon Dallas-based investor and Carolina Hurricanes owner; disclosed by MarketScreener and other reports as a major individual shareholder around the 10% level. | Individual | 10.2% | — |
Vanguard Group Inc. Large index-fund manager; 13F filings show Vanguard with about 8% of MODG shares. | Institutional | 8.0% | Sep 2025 |
Shapiro Capital Management LLC Active investment manager; reported holding roughly 4.9% of outstanding shares. | Institutional | 4.9% | Sep 2025 |
Leonard Green & Partners, L.P. Private equity firm; owns about 4.9% of MODG and has also agreed to acquire a 60% stake in the separate Topgolf business. | Institutional | 4.9% | Sep 2025 |
Dimensional Fund Advisors LP Quantitative asset manager; Dimensional funds collectively hold just under 5% of shares. | Institutional | 4.8% | Sep 2025 |
State Street Corporation Custodian bank and asset manager; reported ownership of about 2.9% of MODG. | Institutional | 2.9% | Sep 2025 |
Marshall Wace LLP Hedge fund manager; filings show an approximate 2.8–2.9% stake. | Institutional | 2.9% | Sep 2025 |
Hill Path Capital LP Investment firm focused on leisure and attractions; holds roughly 2.5% of the company’s shares. | Institutional | 2.5% | Sep 2025 |
Topgolf Callaway Brands Corp.
Major Shareholders
| Name | Type | Ownership | As of |
|---|---|---|---|
PEP TG Investments LP Private equity vehicle affiliated with Providence Equity Partners; reported beneficial ownership of about 11.5% of Topgolf Callaway Brands in a Schedule 13D filed for event date November 15, 2021, and is still cited as the largest shareholder in later ownership summaries. | Institutional | 11.4% | Nov 2021 |
BlackRock, Inc. Large asset manager holding roughly 20.3 million MODG shares (about 11.0%) according to its most recent Schedule 13G/A for period ended June 30, 2025, and consistently listed among top shareholders. | Institutional | 11.0% | Jun 2025 |
DDFS Partnership LP Investment vehicle associated with Thomas G. Dundon; Schedule 13D filed for event date March 8, 2021 reports beneficial ownership of about 18.6 million shares, or 10.1% of the company. | Institutional | 10.1% | Mar 2021 |
The Vanguard Group, Inc. Index-fund manager disclosed ownership of about 15.4 million MODG shares (roughly 8.35%) in a Schedule 13G filing for period ended December 29, 2023, and remains listed as a major holder. | Institutional | 8.3% | Dec 2023 |
Shapiro Capital Management LLC Value-oriented investment manager; Amendment No. 1 to Schedule 13G filed November 14, 2025 reports ownership of about 9.0 million shares, or 4.9%, as of September 30, 2025. | Institutional | 4.9% | Sep 2025 |
Dimensional Fund Advisors LP Quantitative asset manager; latest Schedule 13G on record shows beneficial ownership of about 9.1 million MODG shares (approximately 5.0%) as of March 31, 2025. | Institutional | 5.0% | Mar 2025 |
Leonard Green & Partners, L.P. Private equity firm that, in addition to agreeing in November 2025 to acquire a majority stake in the separate Topgolf business, is reported in shareholder analyses to hold roughly 9.0 million MODG shares (about 4.9%) as a direct equity stake. | Institutional | 4.9% | — |
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