Callaway Golf issues immediate statement after hearing shock update
Callaway Golf "not aware of such discussions" after seeing shock report from Korean news site.
Callaway Golf has issued a quick response after seeing a report from a Korean news site claim the brand is up for sale.
According to a report in The Chosun Daily, a South Korean strategic investor is in the running to acquire Topgolf Callaway Brands.
Callaway Golf currently sponsors a number of the world's biggest stars, highlighted by LIV Golf's Jon Rahm and PGA Tour duo Xander Schauffele and Sam Burns.
The report claims:
It then adds:
But according to GOLF's equipment editor Jonathan Wall, Callaway has immediately hit back by saying "we confirm we are not aware of any such discussions".
Korean news site reports Callaway Golf is being spun off from Topgolf and sold.
Callaway issues statement saying “we confirm that we are not aware of any such discussions.”
This could get interesting… pic.twitter.com/0qBfMWKsZP— Jonathan Wall (@jonathanrwall) March 20, 2024
Wall tweeted:
Wall then posted Callaway's reply in full:
Sports entertaintment company Topgolf was acquired by Callaway Golf in 2020.
The merged company then adopted the name Topgolf Callaway Brands, which is now estimated to be worth just shy of $3 billion.
Topgolf Callaway Brands Corp. reported sales of more than $4 billion in 2023, which was up 7.2% on 2022.
Callaway's net income last year was $95m.
The company is currently listed on the New York Stock Exchange (NYSE) and has a market capitalization of $2.5 billion.
Andy first joined the brand on a month's work experience back in April 2011, and he now assumes the Editor role. When Andy joined GolfMagic it was a small site with potential.
