The TGL was formed in partnership with the PGA Tour and aims to attract younger audiences to golf through technology and custom-built arenas.
The competitions will feature six three-player PGA Tour teams and will be televised live in prime time on Monday nights.
The high-tech concept will see players hitting shots on a virtual screen before moving on to a “state-of-the-art short game complex” in the center of the stadium, according to a press release.
Each shot will be played within a two-hour window in an effort to make the golf more appealing to spectators, who will be beside the greens to watch the action unfold. The inaugural season will feature a 15-game schedule followed by the playoffs and a championship game.
“We all know what it’s like to be in a football stadium or a basketball arena where you can watch every game, every minute of action unfold right in front of you,” Woods said, 15 times major champion.
“It’s something that inherently isn’t possible in traditional golf – and an aspect of TGL that will set it apart and appeal to a new generation of fans.”
“TGL will leverage the allure of team golf in an exciting, fan-friendly environment comparable to sitting on the course at an NBA game,” said world No. 4 McIlroy .
“TGL will broaden the appeal of golf to younger, more diverse fans and serve as another avenue to introduce people to the game I love.”
The launch comes alongside the PGA Tour announcing a number of changes to its schedule and format as part of the launch of the Saudi-backed LIV Golf Series earlier this year.
On Wednesday, the Tour outlined plans to elevate four additional events for the 2023 FedEx Cup season, with the Tour’s top 20 players committing to all 12 elevated events.
There is also a promise of increased prize money, with a purse of at least $20 million available at each of these 12 events.
“Every member of the PGA Tour is going to benefit from the changes we are going to make,” said PGA Tour Commissioner Jay Monahan.
“The Tour will continue to grow by bringing in the best players in the world, continuing to support us and invest in our philosophy, which is the best competitive platform.”
Monahan added that players who signed up for the LIV Golf Series would not be allowed to re-enter the PGA Tour in light of changes made before next season.
The PIF has pledged to award $250 million in total prize money to the series. Each of the first seven events has a total purse of $25 million, with $20 million split among individual players and the remaining $5 million split among the top three teams at the end of each week.
CNN’s Matt Foster and Jill Martin contributed reporting.