Back in 2022, billionaire investor Tom Dundon partnered with PPA Tour founder Connor Pardoe to acquire the tour and consolidate assets under Pickleball Inc., a holding company that now spans retail, media, facilities, software and professional leagues.

Fast forward to today, and Dundon has emerged as a driving force behind pickleball’s future.

“It seemed a pretty good bet that pickleball would grow because it’s easy to do, it’s fun, it’s easy to learn. And obviously the world knows that being active means you’re healthier,” Dundon told Sports Business Journal in a story published on June 19 by reporter Rob Schaefer. “We could then ride that movement and take the pro side and professionalize it, and that would be better for the players who wanted to make a real career out of it. It just seemed to fit.”

Capital raise signals next phase

In May, Pickleball Inc. announced a $225 million capital raise led by Apollo Sports Capital, valuing the company at $750 million. The deal also reconsolidated its assets, including the PPA Tour and Major League Pickleball, under one umbrella following their 2024 merger into the United Pickleball Association.

Armed with fresh capital, executives are now targeting a multibillion-dollar future.

Chief strategy officer and MLP commissioner Samin Odhwani said Pickleball Inc. projects $140 million in revenue in 2026, with roughly $80 million coming from its pro leagues. Those leagues are expected to host more than 50 events, employ 180 athletes and distribute over $33 million in prize money this year.

Ticketing and sponsorships make up the bulk of league revenue, supported by major partners like Carvana and DoorDash. Early indicators point to rapid growth, with PPA ticket revenue up 58% and MLP attendance up 57% during the first half of this year.

“You’ve got a sport that went from effectively no one playing to 25 million people in five years. We’ve got a ton of young talent, well-backed investors and a management team that is young and hungry,” insisted Odhwani. “We said, ‘The moment feels like now, so let’s give it a shot.’”

Deploying capital across three pillars

Of the $225 million raised, more than half was used to restructure debt and investor positions, leaving about $100 million available for growth initiatives.

Pickleball Inc.’s strategy centers on three main areas:

Infrastructure: The company is pursuing public-private partnerships to build or expand facilities capable of hosting thousands of spectators, creating festival-style tournament environments.

International expansion: With an office in Singapore, the PPA Tour is scaling across Asia, Australia and Europe. International operations are expected to generate nearly $10 million in revenue this year.

Media and content: The company is investing in production and storytelling to grow audiences and secure a national broadcast rights deal.

Pickleball matches are currently distributed through Pickleballtv, a joint venture with Tennis Channel, along with limited national broadcast windows. Executives believe demand is building, pointing to a January PPA broadcast on CBS that drew 791,000 viewers, a U.S. record for the sport.

“It is going to be a good investment if it keeps going the way it does,” said Pardoe. “If we end up getting a big media rights deal and media really leans in, then it’s going to be really, really great for everybody … That’s where it turns into a multibillion-dollar sport.”

An ecosystem play

Beyond the pro game, Pickleball Inc. is positioning itself as a full-service ecosystem within the sport. Fans can watch matches, follow coverage, purchase equipment, register for events and play on courts built and managed within the company’s network.

“It’s unlike any other [sports] property in that it’s so diversified in the way that it’s generating revenue in the full spectrum,” said investor Jason Stein. “You can see the connectivity — people playing, people watching on TV, people going to events, people buying products. The NFL is the greatest sports property in the history of the world, but it’s not going to sell mass helmets to people watching on Sunday because 99% of those people don’t play football. It’s just a different opportunity set.”

Pickleball Inc. also holds stakes in The Picklr, a fast-growing facility franchiser, and DUPR, a player ratings system with more than 1 million users.

As participation continues to surge nationwide, Pickleball Inc. is betting that its integrated approach, from grassroots play to pro competition, can turn the fastest-growing sport in America into a global business powerhouse.