Drive Shack Shares Gain In Premarket As Rory McIlroy Set To Invest In Puttery

Golf star Rory McIlroy and his team’s investment partnership, Symphony Ventures, will make a strategic investment in Drive Shack Inc's DS Puttery.
Rory McIlroy has won 28 tournaments worldwide, including four major championships and two FedEx Cups.
Symphony Ventures will make an investment of $10 million over Puttery's three-year development schedule, with Puttery’s first location near Dallas.
Symphony will receive 10% ownership in the equity of each Puttery venue planned to open through 2023 at a price equal to 10% of the total cost to build each venue.
A pro-rata cash distribution of venue net cash flows equal to the ownership percentage will be made to the investment group on a quarterly basis.
Drive Shack expects to open seven new Puttery venues by the end of 2021, including previously announced four locations in Dallas; Charlotte, N.C.; Washington, D.C.; and Miami.
"Everyone knows Rory is a highly respected, world-renowned golfer. His deep knowledge and perspective of the game will be instrumental for many years to come as we further expand our Puttery brand," said Chairman Wes Edens.
Drive Shack’s cash and equivalents totaled $85.9 million as of March 31, 2021.
Price action: DS shares are trading higher by 3.47% at $2.98 premarket on the last check Monday.