Topgolf Callaway Brands took the unusual step of issuing a statement Wednesday that distanced the company from a report out of South Korea that the equipment side of the business is up for sale and could become Korean-owned.
A report in the Chosun Daily newspaper cited sources that Topgolf Callaway’s three largest investors, who collectively own one-third of the company’s common stock, were uniting in an effort to sell their stake in the California manufacturer. The report also stated that the company would spin off the Topgolf chain of golf entertainment sites and sell the Callaway golf and apparel business for nearly $3 billion.
The news sent Topgolf Callaway stock surging 15 percent in early trading Wednesday before the company issued a statement that said “we are not aware of any such discussions” about a potential sale.
Topgolf Callaway, which trades under the symbol MODG on the New York Stock Exchange, settled after a heavy day of trading Wednesday at $15.66, up $1.27, or 8.83 percent. The stock ended the week at $15.76, off its 52-week high of $23.01. READ MORE and MORE
Callaway Golf signed a multi-year agreement with the Epson Tour to provide equipment, gloves and balls to the LPGA’s top developmental tour. READ MORE
TAP-INS
A lien has been placed on Trump National Golf Club Westchester in suburban New York as former President Donald Trump faced a deadline today in his ongoing legal fight with the state, the Journal News newspaper of White Plains reported. Trump was ordered to post a $454 million bond in his bid to appeal a lawsuit judgment after a Manhattan judge found him to have lied about his wealth on financial statements given to banks and others to secure loans. The state attorney general registered the judgment with the Westchester County clerk as a precursor to a potential seizure of the Briarcliff Manor property, the Journal News reported. READ MORE
The mother of two NCAA Division I college golfers pleaded guilty in the embezzlement of more than $70,000 from a private club where she was employed in Carrollton, Texas, The Dallas Morning News reported earlier this month. Alison Morrison, described as the “matriarch of a North Texas golf family,” used credit cards issued by Maridoe Golf Club to buy golf lessons, equipment and travel-related expenses, according to court documents. Per the terms of her plea bargain in the felony case, she faces three years of deferred community supervision, travel restrictions and more than $50,000 in restitution. Her sons, Tommy and Jack, are sophomores at Texas and Santa Clara, respectively. READ MORE and MORE
The post-victory celebration for South Carolina’s Nathan Franks didn’t last long after he won the Schenkel Invitational on March 17 in Statesboro, Georgia. While the team was driving home, the Gamecocks’ team van T-boned a car that ran a red light in Waynesboro, Georgia, according to Golfweek, which cited the police report. Franks was the most seriously injured of the travelers, sustaining a hairline fracture in his right elbow. The junior from Roebuck, South Carolina, who had won two of his three starts this spring, is expected to miss next month’s Southeastern Conference tournament but perhaps return to competition in time for the NCAA regionals in mid-May, according to a team spokesman. READ MORE
Beth Daniel was named captain of the U.S. Junior Solheim Cup team, the American Junior Golf Association announced. Daniel, 67, a 33-time winner on the LPGA and a World Golf Hall of Fame member, played on eight Solheim Cup teams and captained the 2009 American squad to victory. The 2024 matches will be played September 8-10 at Army Navy Country Club in Arlington, Virginia. READ MORE
Compiled by Steve Harmon