On May 1, 2026, Apollo Global Management's sports-focused fund "Apollo Sports Capital" and Dundon Capital Partners, led by Tom Dundon, owner of the NHL's Carolina Hurricanes and the NBA's Portland Trail Blazers, announced they had invested a total of $225 million (about 33.8 billion yen) in Pickleball Inc. Pickleball Inc.'s enterprise value reaches $750 million (about 112.5 billion yen).
The Full Picture of the Investment -- The $225 Million Breakdown and Aim
Pickleball Inc. is an integrated holding company established in 2025 as the parent of the Professional Pickleball Association Tour (PPA Tour) and Major League Pickleball (MLP). Including this $225 million, cumulative funding raised has reached $315 million.
Apollo Sports Capital is a newly established sports-focused fund under Apollo Global Management. Tom Dundon and the Pardoe family retain a majority of shares even after the investment, keeping control of management.
The investment has three purposes: expanding the pro tour, integrating consumer-facing businesses (equipment sales and court construction), and pouring funds into media and content production.
Background -- A 6x Increase in Participants in 4 Years, with Revenue Growing Rapidly Too
Pickleball's growth speed sets it apart from other sports. According to the Sports & Fitness Industry Association's (SFIA) 2025 report, the US playing population surged from 4.2 million in 2020 to over 24 million in 2025.
| Metric | Figure |
|---|---|
| Total Investment | $225 million (about 33.8 billion yen) |
| Cumulative Funding Raised | $315 million |
| Enterprise Value | $750 million (about 112.5 billion yen) |
| 2025 Sponsorship Revenue | $30 million |
| 2025 Total Revenue | $60 million |
| 2026 Revenue Forecast | $74 million |
| US Playing Population (2025) | Over 24 million |
| US Playing Population (2020) | 4.2 million |
Under Pickleball Inc., in addition to the PPA Tour and MLP, are the equipment EC "Pickleball Central," tournament-operation software, and a court-construction business. Its 2025 consolidated sales exceeded $140 million.
Industry Reactions -- "A Milestone Toward Becoming a Tier-1 Sport"
PPA Tour CEO Connor Pardoe said, "We're creating an end-to-end experience that connects pro play to consumer products to media."
MLP commissioner Samin Odhwani emphasized, "Pickleball is not a niche sport; it's rapidly growing into America's next tier-1 sport." He indicated a policy of directing this funding toward content, media, and infrastructure development.
Apollo Sports Capital, too, rates pickleball as "the highest-growth area within sports investment," and has made clear its intent in choosing Pickleball Inc. as the first deal for its newly established fund.
Impact on Players -- Increased Prize Money and Court Development
This large funding round brings direct benefits to players too. An increase in the PPA Tour's total prize money, expansion of MLP teams, and nationwide indoor-only court construction are planned.
For recreational players too, a strengthened equipment selection through Pickleball Central and an improvement in practice environments through the expansion of the court-construction business can be expected.
Ripple Effects on the Industry -- Will the Integrated Model Spread to Other Sports?
Pickleball Inc.'s model of integrating "a competition body + EC + media + facilities" into a single company may influence other racket sports such as padel and squash.
In traditional sports business, league operation, equipment makers, and facility operation were handled by separate companies. If Pickleball Inc. succeeds with this vertically integrated model, a development in which industry M&A activity accelerates is also conceivable.
| Item | Details |
|---|---|
| Investor | Apollo Sports Capital / Dundon Capital Partners |
| Investee | Pickleball Inc. (parent of PPA Tour + MLP) |
| Businesses Under It | PPA Tour / MLP / Pickleball Central / tournament software / court construction |
| Announcement Date | May 1, 2026 |
| The Next Point to Watch | Details of the indoor-court construction plan in the latter half of 2026 |
Summary
The single investment amount of $225 million is the largest in pickleball industry history. The entry of an institutional investor like Apollo Sports Capital and Tom Dundon's additional investment can be called a symbolic event marking pickleball's shift from a "trendy sport" to a "major sport as an investment target." The indoor-court rollout and media-contract developments from the latter half of 2026 onward will be the next milestone.
Recommended Reading
- PPA Finals Kick Off -- Toys R Us Title Sponsorship x FOX Broadcast, Will Johns & Tardio Stay Unbeaten?
- Pickleball Courts Keep Popping Up at Hotels and Commercial Facilities -- The Full Picture of the Facility Rush from Shinagawa Prince to Sansan
Sources and References
