How Topgolf is run
At the end of 2024 Topgolf owned and operated 96 venues in the US and four in the UK; its seven franchised venues were in Australia, China, Mexico, Indonesia, the United Arab Emirates, Thailand and Germany. (Topgolf Callaway Brands annual report, 2024)
Since January 2026 private equity funds managed by Leonard Green & Partners own 60% of Topgolf, and Callaway Golf owns the rest. (Callaway Golf annual report, 2025)
Franchises like Topgolf
If you want to own a golf entertainment business, these franchise brands sell the closest thing to Topgolf, largest first.
| Brand | Cost to open | Fee | Royalty | Locations | Sales a location |
|---|---|---|---|---|---|
| X-GolfFee $40K · Royalty 7% of adjusted gross sales | $1.15M–$1.8M | $40K | 7% of adjusted gross sales | 133+63 in 3 yrs | – |
| Five Iron GolfFee $50K · Royalty 7% · Sales $2.87M a location | $1.96M–$4.66M | $50K | 7% | 37+22 in 3 yrs | $2.87M |
| Monster Mini GolfFee $60K · Royalty 7%; qualifying multi-unit 6.5% · Sales $985K a location | $892K–$1.56M | $60K | 7%; qualifying multi-unit 6.5% | 37+11 in 3 yrs | $985K |
| GolfCaveFee $50K · Royalty 8.5% | $524K–$1.31M | $50K | 8.5% | 11+8 in 3 yrs | – |
| DryveboxFee $34K · Royalty 6% | $135K–$376K | $34K | 6% | 9+9 in 3 yrs | – |
| Tee BoxFee $50K · Royalty 5%–8%, depending on service | $730K–$964K | $50K | 5%–8%, depending on service | 9+7 in 3 yrs | – |
| The BunkerFee $45K · Royalty 7% | $628K–$1.43M | $45K | 7% | 7+4 in 3 yrs | – |
| Golf VXFee $35K · Royalty 6% | $809K–$2.56M | $35K | 6% | 3+3 in 3 yrs | – |
Locations are US locations, franchised and company-owned, at the end of the latest year filed. Sales are yearly, before costs, where the brand publishes them.
X-Golf is the largest, with 133 US locations, and Dryvebox costs least to open, from $135,147. X-Golf added the most locations, +63 over 3 years. Of the brands that publish sales, Five Iron Golf reports the most per location, $2.87M a year. The typical entertainment franchise starts at $286K to open; see where the money goes.