Post by Old Tom Capital

We've been building around a thesis the broader market is still catching up to. Today we're publishing our 2026 Golf Industry Outlook — the most comprehensive report on the state of golf from an investment and capital lens. Eighteen pages covering the sports financing context, the macro backdrop, golf's structural foundation, six investment categories, where capital is flowing, and the forces shaping the next twenty-four months. A few things we believe that shape everything in this report: - Golf's growth did not start with the pandemic. It started in 2017. COVID accelerated a trend already in motion. The years since have confirmed it. - The capital gap in golf is structural, not cyclical. Across multiple market environments — including periods of strong demand and visible growth — golf has remained under-institutionalized relative to its scale, durability, and cultural relevance. That consistency points to something deeper than timing. - The most consequential business problem in golf is not participation growth. It is conversion. Roughly 21 million Americans have strong latent demand for on-course golf. One in four new participants becomes a committed golfer. The companies solving that problem are building the most defensible positions in the industry. - 550 million rounds were played in the U.S. in 2025 — an all-time record, set with 2,000 fewer facilities than the last time golf hit this level. The report is linked below. If you're building, operating, or investing in golf — we think it's worth your time. Link in comments ⤵️