The game isn't running out of demand. It's running out of capacity. Golf set another participation record in 2025. Roughly 48.1 million Americans played the game, the eighth consecutive year of growth and nearly 50 percent more than a decade ago. Yet the most important

The most important change in golf is not happening on a golf course. It is happening in the capital markets. As industries mature and become more financeable, they become more scalable and attractive to institutional capital. Capital stops supporting the industry and starts shaping it. Golf now appears to be

Golf has quietly built one of consumer sport’s most sophisticated secondary markets. What began as a way to resell last year’s clubs has become an infrastructure layer that shapes upgrade frequency, value capture, and control of the equipment economy. Welcome to Perfect Putt, a newsletter covering the business

Golf's discovery layer is shaped long before a booking is made. New research from Gather identifies the specific mechanism – and it challenges the assumptions behind how the industry currently values creator partnerships in relation to golf travel. Welcome to Perfect Putt, a newsletter covering the business and economics

Private club waitlists may be one of the most overlooked indicators of where affluent Americans are heading next. A standard club application captures a rare combination of information: income, family structure, future residence plans, professional networks, and long-term intentions. More importantly, it captures those details voluntarily and often years

Golf course maintenance appears to be moving toward lower-input, precision-managed systems. The operators and investors who understand the transition early may own a structural advantage. TODAY'S SPONSOR Before we get into it. This week's Perfect Putt is presented by The Club by Old Tom

Sweetens Cove evolved from a modest former golf property in rural Tennessee. Sand Valley emerged from central Wisconsin sand barrens long overlooked by developers. Bandon Dunes sat on a remote stretch of the Oregon coast far from traditional golf demand. None appeared conventionally investable. The insight was recognizing that exceptional

Water is repricing faster than golf revenue is growing. Courses that deploy the full agronomy technology stack now will build a compounding cost advantage over those that wait. Welcome to Perfect Putt, a twice-weekly newsletter covering the business and economics of the golf industry. If this was forwarded to

Saudi Arabia's Public Investment Fund confirmed on April 29 that it will end its financial backing of LIV Golf at the conclusion of the 2026 season. Two days later, LIV announced the formation of a new independent board led by a pair of turnaround specialists. The sequence tells