---
schema_version: "secwatch.filing_event.v1"
accession: "0000837465-26-000003"
form_type: "8-K"
ticker: "CALY"
cik: "0000837465"
company_name: "Callaway Golf Co"
filed_at: "2026-01-07T23:59:59+00:00"
generated_at: "2026-05-16T11:28:39.888415+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Topgolf Callaway completes sale of 60% Topgolf stake; repays $1B debt, $200M buyback, name change to Callaway Golf

## Summary
- Sold 60% stake in Topgolf/Toptracer to Leonard Green & Partners for ~$800M net proceeds; values Topgolf at ~$1.1B.
- Repaid $1B term loan B; pro forma debt ~$480M, unrestricted cash ~$680M after close.
- Board authorized $200M stock repurchase program, replacing prior program; convertible notes targeted for repayment.
- Company to rename to 'Callaway Golf Company' effective ~Jan 15, 2026; ticker changes from MODG to CALY ~Jan 16.
- Retains 40% stake in Topgolf with board representation, consent/consultation rights, and marketing partnership.

## SEC filing metadata
- accession: 0000837465-26-000003
- form_type: 8-K
- ticker: CALY
- cik: 0000837465
- company_name: Callaway Golf Co
- filed_at: 2026-01-07T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/837465/000083746526000003/0000837465-26-000003-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/837465/000083746526000003/modg-20260101.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000837465-26-000003
- JSON: https://secwatch.observer/filing/0000837465-26-000003.json
- Plain text: https://secwatch.observer/filing/0000837465-26-000003.txt

## Source-grounded claims
- claim_id: 3c2b6912ae4e1cbeca35f317a47776fc2745c762
  claim: Callaway Golf Co completed a disposition involving LGP TG Aggregator, LLC for approximately $800 million in net proceeds (closed 2026-01-01).
  evidence_excerpt: effective January 1, 2026, the Sellers completed the sale of a 60% stake in the Topgolf and Toptracer businesses for approximately $800 million in net proceeds
  evidence_url: https://www.sec.gov/Archives/edgar/data/837465/000083746526000003/0000837465-26-000003-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.