Major League Pickleball’s Los Angeles Mad Drops sold a majority stake in the franchise at a $13 million valuation, according to the league. It comes three weeks after the Palm Beach Royals paid a $16 million expansion fee to join MLP next year.
The transactions are record prices for the sport, topping the previous high of $10 million.
“The two transactions together at the highest valuations we’ve had to date really validate the trajectory of the league,” Samin Odhwani, MLP commissioner, said in phone interview.
He compared it to recent NBA deals for the Boston Celtics at $6.1 billion, which was supported by Mark Walter’s $10 billion purchase of the Los Angeles Lakers.
Mad Drippin SPV is the buyer of the Mad Drops. The special purpose vehicle is headed by Alex Geesbreght, owner and operator of Prax Leadership, a Fort Worth-based consulting firm focused on helping clients enhance leadership skills.
Many of LAMD’s existing owners, including Drew Brees, Jayson Tatum, Josh Allen, Haley Jones and Zubin Mehta, will remain as part of the ownership group. The previous ownership will retain roughly 40% of the franchise.
The Palm Beach Royals were bought by Zach Hunter and Taylor Meyer, founders of North Carolina-based tech firm Hyperspace Ventures. The league had been exploring expansion since the beginning of the year. Odhwani said that once MLP had clarity on what the Mad Drops price would be, it knew the expansion fee had to be “above that marker.” The Royals are the 23rd MLP franchise and will be the fourth one based in Florida.
Last month, the United Pickleball Association, the parent of MLP and the PPA Tour, announced it raised $15 million in a new round of funding to help the league add incentive pay for players, upgrade the broadcast experience and pursue international expansion.
Existing UPA investors and shareholders funded the round, including Dundon Capital, the family office of Carolina Hurricanes owner Tom Dundon; Al Tylis, owner of Club Necaxa of LigaMX; and SC Holdings, led by Jason Stein, all three of which also invested in a previous $75 million preferred investment round.
UPA’s revenue is now $70 million, which does not include team revenue. Sponsorship revenue doubled this year, and ticket revenue is up 28%, according to MLP. Odhwani said one franchise team topped $1 million in revenue this year, but wouldn’t say which.
Last weekend’s playoff coverage on ESPN2 averaged 81,000 viewers. Four teams, including the Mad Drops, are competing in New York this weekend to crown the league’s 2025 champion.
