Pickleball Inc., the newly formed parent company of Major League Pickleball and the PPA Tour, announced Friday a landmark $225 million investment from Apollo Sports Capital and Dundon Capital Partners, signaling institutional confidence in the rapidly expanding paddle sport. The capital raise values Pickleball Inc. at $750 million and brings total cumulative investment in the business to $315 million.
Market Context
The investment arrives as pickleball continues its meteoric rise in American sports culture. More than 24 million U.S. players participated in the sport during 2025, making it the fastest-growing sport in the country over the last three years according to the Sports & Fitness Industry Association's Annual Report. At the professional level, MLP and PPA Tour combined generated $60 million in top-line revenue in 2025 with $30 million coming from sponsorship deals, positioning the leagues for continued commercial expansion.
Analysis
The deal represents more than a simple capital infusion—it consolidates multiple pickleball assets under one unified platform. Apollo Sports Capital, the newly created sports fund under Apollo Global Management, partnered with Tom Dundon's Dundon Capital Partners to execute the transaction. Dundon, who already owns the Portland Trail Blazers NBA franchise and Carolina Hurricanes NHL team, was an early investor in pickleball and will maintain a majority stake alongside the Pardoe family following the investment.
The merged entity brings together Pickleball Central, a leading equipment retailer founded in 2006; PickleballTournaments.com, software powering thousands of tournaments across all levels of play; and Just Courts, a court installation company. These assets combined with MLP and PPA Tour operations generated over $140 million in revenue during 2025.
MLP and PPA Tour CEO Connor Pardoe called the development a "seismic day" for pickleball's business at all levels. The investment will fund expansion into content creation, media rights, and infrastructure development to support the sport's growing event calendar. MLP Commissioner Samin Odhwani emphasized that year-over-year growth data has validated pickleball's transition from an emerging sport to a potential tier-one American athletic property.
Key Numbers
- $225 million: New investment from Apollo Sports Capital and Dundon Capital Partners
- $750 million: Pickleball Inc. post-money valuation
- $315 million: Total cumulative investment in the company
- 24+ million: U.S. pickleball players in 2025
- $140 million+: Combined revenue from merged business verticals in 2025
- $60 million: Combined MLP and PPA Tour top-line revenue in 2025
- $74 million: Projected combined revenue for 2026
What to Watch
Investors should monitor how Pickleball Inc. deploys capital across its newly consolidated ecosystem, particularly in media rights negotiations and infrastructure development. The company's ability to convert its 24-million-player base into recurring revenue through equipment sales, tournament fees, and potential broadcasting deals will be critical to justifying the $750 million valuation. Quarterly earnings reports from Dundon's other sports holdings may also provide insight into his broader investment thesis around live sports properties.
The MLP and PPA Tour's projected $74 million combined 2026 revenue target represents a 23% increase year-over-year, which will serve as an early indicator of whether institutional backing translates to sustainable commercial growth. Any announcements regarding media partnership deals or expansion of professional event calendars would be material to the company's trajectory.