The New Picture House cinema in St Andrews could be transformed into a “premium sports and entertainment gastro pub” if Fife Council approves the plans from real estate company Nexus Luxury Collection – in which both Timberlake and Woods are shareholders.
The pub, which is set to be called T-Squared Social, will continue to operate a cinema screen as well as various other attractions following an extensive renovation.
That includes a golf simulators, darts, and duckpin bowling (which has smaller pins and balls than normal 10-pin bowling).
Large format televisions will also be installed to allow patrons to watch sporting events.
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A T-Squared Social bar is already in operation in Manhattan, New York after opening last month.
Woods said: “I have been fortunate enough to enjoy many special moments here at St Andrews.
“We all wanted to bring out T-Squared Social concept to St Andrews to add to the local community and be a welcoming place for those living in St Andrews and visitors alike.”
Timberlake added: “I’ve come to St Andrews many times to play golf – including to compete in the Alfred Dunhill Links Championship.
“I’m honored to be able to invest in the town and bring our second T-Squared Social here.
“Our new venue is so much more than a typical sports bar experience – it’s a place you can go to be entertained without sacrificing quality or comfort.”
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Bosses said the New Picture House will continue to operate as normal while the plans await approval.
David Morris, managing director of the New Picture House, said the investment would secure a long-term future for the venue.
“Since opening for the first time in 1930, the New Picture House has been an integral part of the town’s entertainment base.
“The planned T-Squared Social investment will enable the local community, students and visitors, the opportunity to experience a broader range of cinema, dining and entertainment at the popular venue.
“This unique investment will secure greater employment opportunities and the long-term future of the venue.
“We are excited to welcome Tiger Woods and Justin Timberlake to St Andrews.”
If approved, the bar is set to open sometime next year.