A Topgolf franchise is not sold in the US or UK: Topgolf says venues there are “exclusively owned and operated” by the company, and it franchises only abroad, to developers able to open 5+ venues with $150M+ in capital.
Key takeaways
- At December 31, 2024, Topgolf had 96 company-owned venues in the United States, 4 in the United Kingdom and 7 franchised venues in other countries, per the Topgolf Callaway Brands Form 10-K for 2024.
- Franchised venues were 7 of 107 at the end of 2024, or 6.5% by our arithmetic, up from 3 of 73 (4.1%) at the end of 2021 (Form 10-K for 2023).
- Topgolf’s international franchising page lists six minimums for developers, including “access to $150M+ in capital” and the ability to open “5+ Topgolf venues”.
- Effective January 1, 2026, private equity funds managed by Leonard Green & Partners bought 60% of Topgolf and Toptracer; Callaway’s retained stake fell to 39.3% in the second quarter of 2026 (Form 10-Q, September 30, 2026).
- A search of Minnesota’s CARDS franchise database on November 8, 2026 returned no Topgolf Franchise Disclosure Document, while three indoor golf simulator brands list Item 7 totals from $339,743 to $4,655,000.
Is Topgolf a franchise anywhere, or only outside the US and UK?
Topgolf franchises only outside the US and UK. Its international page, accessed November 8, 2026, says “Topgolf remains exclusively owned and operated in the US and UK, but we are a growing brand open to franchise opportunities across the globe.” The parent’s 2024 annual report describes the venue business the same way: company-owned venues at home, plus “international franchised venues”.
The wording in the filings has been stable for at least two annual reports. The Form 10-K for 2023 described “Company-operated Topgolf venues located within the United States and Company-operated and franchised venues located outside of the United States.” The 2024 report adds that Topgolf had “signed development agreements with various partners to open additional franchised Topgolf venues in countries across the world.”
Why Minnesota’s FDD database has no Topgolf filing
Minnesota’s CARDS system, which posts the Franchise Disclosure Documents registered in that state, returned no Clean FDD rows for “Topgolf” when we searched it on November 8, 2026. That fits the company statement: the FTC Franchise Rule at 16 CFR 436.2 requires disclosure for a franchise “to be located in the United States of America or its territories”, and Topgolf offers none here. How the document works is set out in our guide to the 23 items of an FDD.
Scale matters too. Under 16 CFR 436.8(a)(5)(i), a sale where the franchisee’s initial investment is at least $1,469,600, excluding unimproved land and franchisor financing, can be exempt from disclosure if the buyer signs an acknowledgment. A venue built at the $15 million low end of Topgolf’s own estimate would sit roughly 10 times above that line, so even a future US program might not produce a public FDD. The rule’s other exemptions are covered in the FTC Franchise Rule explainer.
How many Topgolf venues are company-owned, and how many are franchised?
Topgolf’s venue count rose from 73 at the end of 2021 to 107 at the end of 2024, and franchised venues rose from 3 to 7 over the same period, according to the venue tables in Callaway’s Forms 10-K for 2023 and 2024. Every franchised venue sits outside the US and UK. The 2025 annual report has no venue table, because Topgolf moved into discontinued operations after the sale agreement.
| Year end | US company-owned (incl. BigShots) | International company-owned | International franchised | Total | Franchised share (our arithmetic) | Source |
|---|---|---|---|---|---|---|
| Dec 31, 2021 | 67 | 3 | 3 | 73 | 3 / 73 = 4.1% | 10-K 2023, Item 1 |
| Dec 31, 2022 | 77 | 4 | 5 | 86 | 5 / 86 = 5.8% | 10-K 2024, Item 1 |
| Dec 31, 2023 | 89 | 4 | 5 | 98 | 5 / 98 = 5.1% | 10-K 2024, Item 1 |
| Dec 31, 2024 | 96 | 4 | 7 | 107 | 7 / 107 = 6.5% | 10-K 2024, Item 1 |
Franchised venues rose from 3 of 73 to 7 of 107 between 2021 and 2024, all outside the US and UK. Source: Topgolf Callaway Brands Forms 10-K, 2023 and 2024.
The US column combines the filing’s “Domestic Owned and Operated” row with “Domestic Acquired”, which counts venues bought in the November 2023 BigShots Golf asset purchase: 1 at the end of 2023 and 2 at the end of 2024. The underlying rows are in the downloadable CSV that accompanies the chart.
Where the 7 franchised venues are
The 2024 report names seven countries with franchised venues: Australia, China, Mexico, Indonesia, United Arab Emirates, Thailand and Germany. The 2023 report named five of them, without China and Indonesia, which matches the move from 5 to 7 franchised venues in 2024. The four company-owned international venues are all in the United Kingdom.
What does Topgolf ask of an international franchise developer?
Topgolf lists six minimum requirements for franchise developers and says they are “not limited to” that list. The two that set the scale are the ability to open 5+ venues and “access to $150M+ in capital”. Applicants submit a contact form and “the appropriate Topgolf International team member will be notified”; the page publishes no fee, royalty or term.
| Topgolf requirement (as worded, Nov 8, 2026) | Comparable term in a simulator FDD | Source |
|---|---|---|
| Ability and willingness to open 5+ Topgolf venues | Five Iron Golf’s development rider requires a minimum of 2 Flagship centers; Golf VX awards no more than 5 venues per development agreement (Item 5) | Five Iron FDD; Golf VX FDD |
| Strong financial backing (access to $150M+ in capital) | Five Iron Flagship Item 7 high end: $4,655,000 per center | Five Iron FDD, Item 7 |
| Experience in entertainment, F&B, and/or hospitality | Golf VX gives a 20% fee discount to certified golf instructors (Item 5) | Golf VX FDD, Item 5 |
| Success in bringing other USA/UK brands to your territory | No equivalent in the three FDDs reviewed | topgolf.com |
| Experience with large scale commercial real estate development | Golf Envy assumes a 2,700 sq ft club; Golf VX Lounge venues run 4,000 to 12,000 sq ft (Item 7 notes) | Golf Envy FDD; Golf VX FDD |
| Strong local market knowledge and connections | No equivalent in the three FDDs reviewed | topgolf.com |
The same page says the Topgolf International team supports franchisees in development, operations, business intelligence, marketing, training, construction, culinary and technology, and “has led the development and operations of over 100 venues worldwide.” Nothing on the page says a single investor, rather than a company or investment group, has qualified.
What would a Topgolf venue cost to build, and where do the online numbers come from?
Callaway’s 2024 annual report estimated “the gross development costs to build a venue to generally be between $15 million and $60 million”, with costs “generally averaging approximately $30 million”. A typical venue took 10 to 15 months from ground break to substantial completion, and Topgolf usually sought to finance construction “through third-party developers or real estate financing partners”. No filing sets a franchise fee, because none is offered in the US.
Several top-ranking guides repeat older or unsourced figures. The table sets five common claims against the filing that covers the same point; the guides are described, not named.
| Claim in circulation | What the primary source says | Source |
|---|---|---|
| A trade profile updated in 2024: “$18 million average” cost to open | Gross development cost $15 million to $60 million, averaging approximately $30 million | 10-K 2024, Item 1 |
| Several guides: total investment “$15 to $50 million” | Upper end of the company estimate is $60 million | 10-K 2024, Item 1 |
| Directory and blog pages: 64, “over 70” or “over 80” locations, undated | 107 venues at December 31, 2024, including 7 franchised | 10-K 2024, Item 1 |
| A directory profile: Topgolf became a Callaway subsidiary in 2016 | The merger with Topgolf was completed in 2021; since January 1, 2026, Leonard Green funds hold 60% | 10-K 2025, Item 1 |
| Several guides: per-venue revenue, profit and owner pay figures | No Topgolf filing discloses franchisee economics; no Topgolf FDD exists to carry an Item 19 | Minnesota CARDS search |
Owner income at any franchised venue depends on the fees in Item 6, the build cost in Item 7 and whatever the franchisor discloses in Item 19; how that last item works across 259 filings is covered in our Item 19 research. This page is general information, not legal, financial or investment advice.
Who controls Topgolf after the 2026 Leonard Green deal?
Since January 1, 2026, private equity funds managed by Leonard Green & Partners, L.P. own 60% of the Topgolf and Toptracer businesses, and Callaway Golf Company holds the rest. The November 18, 2025 Form 8-K reported the agreement at “an equity value of approximately $1,100.0 million”, and Callaway’s stake fell from 40.0% to 39.3% in the second quarter of 2026 after Topgolf sold “additional dilutive units”.
| Date | Event | Source |
|---|---|---|
| 2000 | Topgolf founded | topgolf.com international page |
| 2021 | Merger with Callaway completed | 10-K 2025 |
| November 2023 | BigShots Golf assets bought, including 4 BigShots-branded US venues | 10-K 2023 |
| August 2024 | Strategic review of Topgolf begins | 10-K 2025 |
| December 31, 2024 | 107 venues, 7 of them franchised abroad | 10-K 2024 |
| November 17, 2025 | Agreement to sell 60% to LGP TG Aggregator, LLC, an affiliate of Leonard Green | 8-K, Nov 18, 2025 |
| January 1, 2026 | Sale effective; Callaway retains 40% | 8-K, Jan 7, 2026 |
| Q2 2026 | Callaway stake diluted to 39.3% | 10-Q, Sep 30, 2026 |
The 2025 annual report says Callaway “no longer control[s] Topgolf’s day-to-day operations or strategic decisions”. Any change to the US-only ownership model would now be a decision for the new majority owner; the international page we captured on November 8, 2026 still carried the same six developer minimums. EDGAR lists the filer as Callaway Golf Co, ticker CALY, with “Topgolf Callaway Brands Corp.” as a former name through January 7, 2026. Fund ownership across franchise systems is tracked in our private equity ownership research.
Is Topgolf Swing Suite a franchise you can buy?
Swing Suite is a simulator license, not an advertised franchise. The 2024 Form 10-K says Topgolf licenses Swing Suite, “which offers simulated game play on well-known golf courses” plus football, baseball and soccer games, to “indoor hospitality and entertainment operators, including hotels, casinos and restaurants.” The Swing Suite partner page publishes no price, fee or contract term.
The partner inquiry form asks five questions about the venue before a sales call. Each one hints at what Topgolf screens for:
| Field on the Swing Suite partner form | Options or input |
|---|---|
| Type of Business | Hotel, Restaurant, Bar, Entertainment Venue, Residential, Other |
| Do you provide food and beverage service? | Yes, No, Don’t Know |
| # of Simulators | Number entered by the applicant |
| Available Square Footage | Number entered by the applicant |
| When are you looking to launch or install? | Free text |
Whether a particular license meets the federal definition of a franchise depends on its written terms, which are not public. The three elements in 16 CFR 436.1(h), and what to ask Topgolf about each, are:
| Element of 16 CFR 436.1(h) | What the public Swing Suite material shows | Question to put to Topgolf |
|---|---|---|
| (1) Right to operate under the franchisor’s trademark | Product is branded “Topgolf Swing Suite”; partner page offers “Topgolf marketing support” | May the venue use the Topgolf name in its own signs and ads, and on what conditions? |
| (2) Significant control or assistance | Not described on the partner page | Are there operating standards, training or pricing rules for the bays? |
| (3) Required payment to the franchisor or an affiliate | No fee published | Do payments due before and within 6 months of opening total $735 or more (16 CFR 436.8(a)(1))? |
A hotel or casino adding a few bays may also fall under the fractional franchise exemption in 16 CFR 436.1(g): the operator has more than 2 years of experience in the same type of business, and the new line is expected to bring in no more than 20% of total sales in the first year. Ask a franchise attorney which of these applies to the agreement you are offered and why.
Indoor golf simulator franchises that file an FDD: Items 5, 6 and 7 compared
Three indoor golf simulator franchisors with 2026 FDDs on file in Minnesota publish fees and costs that Topgolf does not. We took the first three alphabetically from the simulator brands in our coded fee dataset: Five Iron Golf, Golf Envy and Golf VX. Their Item 7 totals run from $339,743 for a Golf VX Lab venue to $4,655,000 for a Five Iron Flagship center.
| Brand and FDD | Item 5 initial fee | Item 6 royalty and brand fund | Item 6 other recurring | Item 7 total by format | Item 20 franchised, end 2025 |
|---|---|---|---|---|---|
| Five Iron Golf, issued April 27, 2026, amended October 26, 2026 | $50,000 Flagship and Reserve; $40,000 Studio | 7% of monthly Gross Sales; Brand Fund 2% | Local advertising minimum 1%; technology up to $3,600 per quarter | Flagship $1,963,500 to $4,655,000; Reserve $1,283,500 to $2,305,000; Studio $630,000 to $965,000 | 7 (30 company-owned) |
| Golf Envy, issued April 18, 2026, amended August 26, 2026 | $50,000 plus $20,000 Opening Support Fee | 8% of Gross Sales, minimum annual royalty $12,000 after month 12; Marketing Fund $300 per month | Local Marketing Requirement minimum $3,000 per month; Email Fee $18 per email | $349,179 to $696,724 | 1 (2 affiliate-owned) |
| Golf VX, issued January 9, 2026 | $35,000 | 6% of Gross Sales; Brand Development Fund 2% | Local Marketing 1%; technology currently $600 or $1,000 per month (cap $1,500); accounting software $125 per month | Lounge $809,442 to $2,558,947; Lab $339,743 to $586,563 | 2 (1 company-owned) |
Item 7 totals run from $339,743 (Golf VX Lab, low end) to $4,655,000 (Five Iron Flagship, high end). Source: 2026 FDDs, Item 7, Minnesota CARDS, accessed Nov 8, 2026.
Simulators drive much of the spread. Golf Envy requires at least 3 simulators from its affiliate, at “an estimated cost of $237,500” (Item 5). Golf VX requires 6 for a Lounge, priced from $229,440 for six to $642,880 for 14, and 3 for a Lab, from $118,320 for three to $213,200 for five. Five Iron’s Flagship budget lists furniture, fixtures and equipment at $850,000 to $1,200,000 and leasehold improvements at $750,000 to $2,500,000 (Item 7).
All three offer veteran discounts in Item 5: 10% at Five Iron Golf and Golf Envy, 20% at Golf VX, which our veteran franchise guide sets against other systems. Five Iron Golf and Golf Envy include an Item 19 financial performance representation; Golf VX states it does not make any. Royalties of 6% to 8% sit within the spread shown in our royalty rate research.
Which golf entertainment route matches your capital and role?
The route depends on where the business will be and how much capital is committed. Inside the US or UK, a Topgolf-branded venue is not for sale, as of November 8, 2026. Outside them, Topgolf’s bar is 5+ venues and $150M+. Below that, the options are a Swing Suite license inside an existing venue, a Toptracer license at a range, or a simulator franchise with a filed FDD.
| If your situation is | Route | Threshold or figure to check |
|---|---|---|
| Company or group outside the US and UK with access to $150M+ and a plan for 5+ venues | Apply through the Topgolf International form | Ask for the development agreement, the fee schedule and the venue opening timetable |
| Individual or group wanting a Topgolf-branded venue in the US or UK | No route offered | US and UK venues are “exclusively owned and operated” by Topgolf (Nov 8, 2026) |
| Hotel, casino, restaurant or bar with spare floor space | Swing Suite license inquiry | Ask whether payments in the first 6 months reach $735 and whether a disclosure document will be provided |
| Driving range or golf course owner | Toptracer license | Licensed “to independent driving ranges and golf courses” (10-K 2024) |
| Simulator business with under $700,000 committed | Golf Envy club or Golf VX Lab | Item 7: $349,179 to $696,724 (Golf Envy); $339,743 to $586,563 (Golf VX Lab) |
| Simulator venue with food and bar, $630,000 to $4,655,000 committed | Five Iron Golf Studio, Reserve or Flagship; Golf VX Lounge | Item 7 ranges in the table above; compare each brand’s Item 20 opening and closing counts |
Item 7 totals across 259 filings are compared in our initial investment research. A franchise consultant can shortlist simulator brands for a given budget; what they do and how they are paid is explained in what a franchise consultant does.
How we compiled this
We read three Callaway Forms 10-K (2023, 2024 and 2025), two Forms 8-K and the Form 10-Q for September 30, 2026 on SEC EDGAR, two Topgolf web pages, 16 CFR Part 436 on eCFR, and three Franchise Disclosure Documents downloaded from Minnesota CARDS, all in November 2026. We searched CARDS for a Topgolf filing and found none. We excluded every revenue, profit and owner pay figure, including Item 19 data, under this site’s editorial rules.
Frequently asked questions
Is Topgolf a franchise?
Only outside the US and UK. Topgolf’s international page says venues in those two countries are “exclusively owned and operated” by the company. At December 31, 2024, 7 of 107 Topgolf venues were franchised, in Australia, China, Mexico, Indonesia, United Arab Emirates, Thailand and Germany, per the 2024 Form 10-K.
How much is a Topgolf franchise?
Topgolf publishes no franchise fee or royalty, and no Topgolf disclosure document was on file in Minnesota CARDS on November 8, 2026. The cost markers that do exist are the $150M+ capital minimum for international developers and Callaway’s 2024 estimate of $15 million to $60 million to build one venue, averaging approximately $30 million.
How much does a Topgolf franchise owner make a year?
No public figure exists, and this site does not publish earnings estimates. Topgolf files no FDD, so there is no Item 19 for its franchised venues. An owner’s result at any franchised venue would turn on the fees in Item 6, the build cost in Item 7 and the 10 to 15 month construction period the 2024 Form 10-K describes.
What are the Topgolf franchise requirements?
Topgolf lists six minimums for international developers: ability to open 5+ venues; access to $150M+ in capital; experience in entertainment, food and beverage or hospitality; success bringing other US or UK brands to a territory; large-scale commercial real estate experience; and local market connections. The list is “not limited to” these, per topgolf.com as of November 8, 2026.
Who owns Topgolf now?
Private equity funds managed by Leonard Green & Partners have owned 60% of Topgolf and Toptracer since January 1, 2026. Callaway Golf Company, formerly Topgolf Callaway Brands Corp., kept 40%, which fell to 39.3% in the second quarter of 2026 after Topgolf sold additional units, per the September 30, 2026 Form 10-Q.
Can I add a Topgolf simulator to my existing business?
Hotels, casinos, restaurants, bars and other venues can ask about a Topgolf Swing Suite license through the partner form, which asks for business type, food and beverage service, number of simulators and available square footage. No price is published. Ask for the written terms and whether payments in the first 6 months reach the $735 threshold in 16 CFR 436.8(a)(1).
Sources
- Topgolf Callaway Brands Corp., Form 10-K for the year ended December 31, 2024, SEC EDGAR, accessed November 8, 2026.
- Topgolf Callaway Brands Corp., Form 10-K for the year ended December 31, 2023, SEC EDGAR, accessed November 8, 2026.
- Topgolf Callaway Brands Corp., Form 10-K for the year ended December 31, 2025, SEC EDGAR, accessed November 8, 2026.
- Form 8-K filed November 18, 2025, SEC EDGAR, accessed November 8, 2026.
- Form 8-K filed January 7, 2026, SEC EDGAR, accessed November 8, 2026.
- Callaway Golf Company, Form 10-Q for the quarter ended September 30, 2026, SEC EDGAR, accessed November 8, 2026.
- EDGAR company record, CIK 0000837465, accessed November 8, 2026.
- Topgolf, Topgolf Around the Globe (international franchising page), accessed November 8, 2026.
- Topgolf Swing Suite, Become a Partner, accessed November 8, 2026.
- 16 CFR Part 436, FTC Franchise Rule (eCFR, current through November 5, 2026), accessed November 8, 2026.
- Five Iron Golf Franchising LLC, Franchise Disclosure Document, issued April 27, 2026, as amended October 26, 2026, Minnesota CARDS, accessed November 8, 2026.
- Golf Envy Franchising, LLC, Franchise Disclosure Document, issued April 18, 2026, as amended August 26, 2026, Minnesota CARDS, accessed November 8, 2026.
- Golf VX Franchising, LLC, Franchise Disclosure Document, issued January 9, 2026, Minnesota CARDS, accessed November 8, 2026.