Pickleball gets its largest-ever investment: $225 million. 'It's still a growth sport - it's not just a fad.'

By Weston Blasi

The investment, from Apollo Global Management's new sports division, comes as valuations in major leagues like the NFL have surged, and institutional investors have turned to smaller, fast-growing sports

Anna Leigh Waters of the Utah Black Diamonds reacts after a point during an MLP Atlanta Premier Level women's doubles match.

Pickleball Inc., a parent company of Major League Pickleball and the Professional Pickleball Association (PPA Tour), announced Friday it has secured a $225 million investment that's the biggest capital investment ever in the sport's history, people familiar with the matter told MarketWatch.

The investment came from Apollo Sports Capital, a new sports fund created by Apollo Global Management; and Dundon Capital Partners, which is owned by billionaire Tom Dundon, who recently bought the NBA's Portland Trail Blazers and owns the NHL's Carolina Hurricanes.

The funding values Pickleball Inc. at $750 million, according to CNBC, and brings together assets including equipment retailer Pickleball Central, tournament platform PickleballTournaments.com and court installer Just Courts. The strategy centers on combining leagues, media, equipment and infrastructure into a single ecosystem that can be more easily monetized.

That newly created structure, and potential future growth is why investors are betting that interest in the sport isn't temporary.

"It's still a growth sport - it's not just a fad," Lisa Delpy Neirotti, the director of the sports-management program at George Washington University's School of Business, told MarketWatch.

As valuations in major sports leagues like the NBA, NFL and Premier League have surged, institutional investors have increasingly turned to smaller, fast-growing sports. Leagues like the WNBA and NWSL have already drawn investor interest - and now pickleball is next.

Pickleball's U.S. boom is evident. The equipment market was valued at $1.61 billion in 2024, and is projected to reach $3.1 billion by 2031, per Meticulous Research. In 2025, 24.3 million Americans played pickleball, up from 19.8 million the year before, according to the Sports & Fitness Industry Association.

A big part of that opportunity is pickleball's global appeal. Survey data from UPA Asia and YouGov Singapore suggest that 812 million people in Asia have tried pickleball at least once - a figure that helps explain why investors like Apollo are betting on pickleball's upside.

"It's growing in different countries too," said Neirotti. "In Vietnam there's pickleball courts all over the place. China is growing because their badminton courts can fit pickleball too."

Other recent notable investments in the sport include a $30 million raise in January 2026 from Bluestone Equity Partners in paddle manufacturer Selkirk Sport, and a $16 million acquisition of MLP club The Palm Beach Royals by Hyperspace Ventures.

See also: LIV Golf has lost its Saudi funding. Players who want to rejoin the PGA Tour likely face financial penalties.

The newly merged Pickleball Inc. collectively generated more than $140 million in combined revenue in 2025, according to a company release. Apollo Sports Capital also has sporting investments in La Liga football club Atlético Madrid and Welsh football club Wrexham AFC.

"This is a seismic day for the rapidly growing business of pickleball at all levels," said PPA Tour founder and Pickleball Inc. CEO Connor Pardoe.

With new capital in place, the focus now shifts to scaling the pickleball's leagues - and proving the boom can translate into lasting returns.

Read on: Nike finally gets involved in one of the fastest-growing global sports. Is it too late?

-Weston Blasi

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05-01-26 1451ET