Formed in partnership with the PGA Tour, TGL aims to attract a younger audience to golf through technology and purpose-built arenas.
The competitions will feature six teams of three PGA Tour players and will be televised live on Monday evenings in prime time.
The high-tech concept sees players hitting shots on a virtual screen before moving on to a “state-of-the-art short-game complex” at the center of the stadium, according to a press release.
Each shot will be played within a two hour window to make the game of golf more attractive to spectators who will be at the side of the greens to watch the action. The inaugural season features 15 games, followed by playoffs and a league game.
“We all know what it’s like to be in a football or basketball stadium where you can watch every game, every minute of the action unfolding right before your eyes,” said 15-time major champion Woods.
“It’s something that’s not possible in traditional golf – and an aspect of TGL that sets it apart and appeals to a new generation of fans.”
“TGL will deliver the excitement of team golf in an exciting, fan-friendly environment comparable to sitting courtside at an NBA game,” said McIlroy, ranked number 4 in the world.
“TGL will expand the appeal of golf to younger and more diverse fans and serve as another way to bring people closer to the game I love.”
The launch comes in tandem with 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 increase four additional events for the 2023 FedEx Cup season, with commitments for the top 20 players on the tour to compete in all 12 of the increased events.
There is also a pledge to increase the prize pool, with each of these 12 events having at least $20 million in prize money up for grabs.
“Every single member of the PGA Tour will benefit from the changes we are making,” said Jay Monahan, commissioner of the PGA Tour.
“The Tour will continue to grow by hiring the best players in the world, by continuing to build on and invest in our ethos, which is the best competitive platform.”
Monahan added that players who signed up for the LIV Golf series will not be allowed to return to the PGA Tour given the changes that will be made ahead of next season.
The PIF has pledged to award a total of $250 million in prize money to the series. Each of the first seven events has a total prize pool of $25 million, with $20 million split between each player and the remaining $5 million split between the top three teams at the end of each week.
CNN’s Matt Foster and Jill Martin contributed coverage.