Golf superstar Rory McIlroy has always been great at putting. Now he’s driving his way into the business of golf entertainment. Dallas-based Drive Shack announced today that McIlroy and his investment partnership, Symphony Ventures, are investing $10 million in Puttery, Drive Shack’s newest competitive socializing and entertainment golf experience.
One of the first payoffs? A Puttery location opening later this summer right here in the Dallas area.
$10 million for 10 percent
Symphony Ventures will invest at least $10 million across Puttery’s three-year development schedule in exchange for 10 percent ownership in the equity of each Puttery venue that’s planned to open through 2023, at a price equal to 10 percent of the the total cost of building each venue.
“Puttery is an immersive, unique and one-of-a-kind entertainment golf experience,” McIlroy said in a statement. “I’ve 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.”
“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 Chairman Wes Edens added in the statement.
Drive Shack says it plans to open or nearly complete a total of seven new Puttery venues by the end of this year, with four of the locations in Dallas, Charlotte, N.C., Washington, D.C., and Miami.
Coming soon: Puttery at Grandscape in The Colony
The Dallas-area location will be in The Colony’s Grandscape shopping and retail destination off the Sam Rayburn Tollway near Dallas North Tollway.
Puttery’s concept has been called a cross between Top Golf and mini-golf. Drive Shack calls it “a modern spin on putting,” with unique twists at every hole. High-tech auto-scoring will combine with competitive socializing as people move from one course to the next.
Add craft cocktails, food, and a bar area with music, and basically you have what sounds like a blast. Drive Shack says guests can “nosh the night away before, during and after their team time.”
Sounds good…especially if we can get Rory to join our foursome.
McIlroy helped shape Puttery concept
“Rory and his team have been incredible partners throughout our entire Puttery evolution,” said Drive Shack Inc. president and CEO Hana Khouri in the statement. “Their involvement and viewpoints have helped shape this innovative concept from the start. We look forward to building a long-standing relationship with Rory and his team, bringing our Puttery vision to life in the coming weeks.”
McIlroy is a golfer from Northern Ireland. A member of the European and PGA Tours, he’s won 28 tournaments worldwide, including four major championships and two FedEx Cups. He’s spent 106 weeks so far as number one in the Official World Golf Ranking.
Other brand partners McIlroy has struck deals with include NBC, Nike, Omega, Optum, and TaylorMade.
McIlroy is the lead partner of Symphony Ventures, which has an investment portfolio of tech companies across health, wellness, and golf.
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