Pickleball, a once obscure game primarily played in retirement communities, is now a thriving sport with a $5 million prize pool. Former Goldman Sachs partner, Brian Levine, is the interim CEO of Major League Pickleball, which has experienced a surge of interest.
Celebrities like Tom Brady, LeBron James, and Eva Longoria have all publicly expressed their love of the sport, which has driven a 159% increase in participants from 2020, according to the Sports and Fitness Industry Association.
The sport's newfound popularity has already impacted urban development, with new pickleball courts being built in parks, real estate developments, and recreational facilities. Additionally, CBS and ESPN have signed TV deals with the Association of Pickleball Professionals.
Investors are looking to capitalize on this growth and longevity of the sport. Larry Fitzgerald, a former NFL player and possible future Pro Football Hall of Fame inductee, stated, "Getting involved from a business perspective and being a part of an ownership group was something that was very natural and an easy transition for me. I think it's going to continue to grow."
Marc Lasry, co-founder of Avenue Capital Group, purchased a pickleball franchise for $100,000 and has seen its value rise to $10 million in just one year. "If you think about what's happening [in sports], it's all about the media. More people are watching sports, and as more people watch sports, and there is more streaming, you are going to find that the values of those teams are going to go up," explained Lasry.
Furthermore, pickleball has an appeal that transcends age limits. "Pickleball courts are being built across this country, and it's 8 to 88," noted entrepreneur and Major League Pickleball team owner, Gary Vaynerchuk. "This is not American football. This is not basketball, where at 47 you're tearing knees like I am. This is a sport a lot of people play and participate in."
The future is bright for pickleball, and investors recognize it as a prime opportunity that cannot be ignored.