Major League Pickleball (MLP) announced on Thursday that the Los Angeles Mad Drops have sold a controlling stake at a franchise valuation of $13 million to Mad Drippin SPV, LLC, headed by Alex Geesbreght, owner and operator of PRAX Leadership.

Mad Drippin SPV, LLC is a Texas-based group with deep professional and personal ties to the Greater Los Angeles area, with members from a variety of professional backgrounds, including healthcare, pro sports team ownership and management, oil & gas, real estate, and family office management.

The Mad Drops’ existing ownership group, including Drew Brees, Jayson Tatum, Josh Allen, Haley Jones, and Zubin Mehta, will remain part of the ownership team.

This transaction - along with the recent announcement of the expansion franchise Palm Beach Royals at a $16 million valuation - represent MLP’s two largest franchise transactions since the close of the 2024 MLP/PPA merger.

MLP’s season-to-date has shown significant year-over-year growth in all business areas, with this weekend’s DoorDash MLP Finals - New York City, powered by Toray still to come.

Highlights feature strong growth across sponsor revenue (more than double last year’s total), ticket revenue (+28%), social media impressions (+277%), YouTube views (+156%), total minutes viewed on Pickleballtv (+105%), and telecast hours (+83% on linear TV across national, RSN, and local partners).