Any gardening / lawn experts able to help me out identifying this pest. During recent rains, it's just began conquering our lawn. Had a quick look at common weeds, sites etc and didn't succeed in finding it. When you grab a handful it's very thick, and comes out as a large patch (stuck together).

Wondering if I should just attack it with weed 'n feed and see what happens ?

You can see a large bright colored patch to the right of the trampoline.