Digital personal financial services company SoFi Technologies (SOFI) has reached an agreement with a company founded by Tiger Woods and Rory McIlroy to be the presenting sponsor of a new team golf league, in a deal that includes naming rights for an arena in Florida.

SoFi and TMRW Sports said Tuesday in a press release that the companies reached a "multi-year, wide-ranging commercial partnership" for the TGL, a prime time team golf league that is scheduled to kick off play in January at a new purpose-built arena in Palm Beach, Florida.

The TGL is a partnership with the PGA Tour and is TMRW Sports' first project. The league's six teams will include several of the world's top-ranked players, while ownership ranks extend to prominent figures in other sports.

Tennis greats Serena Williams and Venus Williams are part owners in the Los Angeles Golf Club, while soccer's Alex Morgan and basketball's Giannis Antetokounmpo are also investors. The New York team is owned by Steven Cohen, owner of the New York Mets.

For SoFi, which has the naming rights to the Los Angeles stadium where the NFL's Rams and Chargers play, the TGL sponsorship supports its goal to become a household name through building brand awareness, according to SoFi CEO Anthony Noto. "Investing in sports has proven unequivocally valuable time and time again in helping us unlock this goal," he said in the press release.

SoFi stock was down more than 6% in early afternoon trading Tuesday amid a broader downturn for stocks as concerns about rising interest rates hurt sentiment.

The TGL has announced ownership groups for four of the six teams that are slated to compete—Atlanta, Boston, Los Angeles and New York. In addition to Woods and McIlroy, other players who have committed to competing in the new league include Jon Rahm, Collin Morikawa, Justin Thomas, Matt Fitzpatrick, Justin Rose, Adam Scott, Xander Schauffele, Max Homa, Rickie Fowler, and Billy Horschel. 

League play will consist of 15 regular season matches followed by semifinals and finals matches. The matches are supposed to run for only two hours.