Pickleball Inc. gets $225M investment from Apollo Sports Capital, Tom Dundon

MESA, AZ - JANUARY 29: Christian Alshon of the Bay Area Breakers hits a backhand slice dink shot against Robert Cassidy and Spencer Smith of the Utah Black Diamonds during the MLP Mesa Challenger League Championships at Legacy Sports USA on January 29, 2023 in Mesa, Arizona. (Photo by Bruce Yeung/Getty Images)

(Bruce Yeung via Getty Images)

Major League Pickleball (MLP) and the Professional Pickleball Association Tour (PPA Tour) have received a $225 million injection from Apollo Sports Capital, and Dundon Capital Partners, which is owned by Carolina Hurricanes and Portland Trail Blazers owner Tom Dundon.

Apollo Sports Capital is the sports fund of Apollo Global Management.

“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 in a statement. “This investment allows us to fully integrate the sport into one cohesive ecosystem – uniting professional pickleball, consumer goods, technology, and media under a single, unified platform. By bringing together the best companies in the space, we’re creating an end-to-end experience that serves every pickleballer on their journey, whether they’re a casual enthusiast or a dedicated fanatic. At its core, this is still about building and delivering the culture, fun, and community that define pickleball’s DNA.”

A 2025 report from the Sports & Fitness Industry Association, pickleball is one of the fastest-growing sports in America with an estimated number of players ballooning from 4.2 million in 2020 to over 24 million last year.

After this record investment, Pickleball Inc. has brought in a total of $315 million, which raises the value of the company to $750 million, according to CNBC.

“This capital raise will allow us to expand our focus into new and scalable opportunities like content, media, and the development of infrastructure to support our fast growing events,” MLP Commissioner Samin Odhwani said in a statement. “The continued and dynamic year-over-year growth data has proven without doubt that pickleball is no longer an emerging sport, and is instead quickly becoming the next tier one sport in America.”

The MLP and PPA Tour brought in $30 million in sponsorships last year and $60 million in total revenue in 2025. Both are projecting $74 million in combine revenue for 2026.