King of the basketball court, LeBron James is one of the newest owners of a professional pickleball team.
Major League Baseball announced Wednesday that James and his business partner Maverick Carter will join its ownership, along with NBA champions Draymond Green and Kevin Love, among others. In recent months, the sport’s popularity has attracted several celebrity investors, making it big business.
The All-Star owned group’s interest in the sport stemmed from playing together over the past few years, according to MLP.
In an interview with CNBC, Carter said, “When I started pickleball, I immediately connected with the community of this sport and its ability to be both fun and competitive.” It’s been really exciting to see what we’re doing and we’re looking forward to bringing our expertise together to build a championship team.”
James and Carter own the team through their family office, LRMR Ventures. Other investors include his investment firm SC Holdings. Paul Rivera, Chief Marketing Officer of SpringHill Co.; He is Daniel Sillman, co-owner and CEO of Relevant Sports Group.
Financial terms of the deal were not disclosed.
MLP strategy adviser Anne Wooster told CNBC that negotiations began with the new owner group in July and culminated in a meeting at the US Open tennis tournament in August.
“We had this direct connection about our passion for playing pickleball, our passion for growing the grassroots of professional pickleball. , brings a great deal of experience across branding.
Worcester said with more than 60 different groups showing interest, the demand for owning a pickleball team is high. She said the team’s value has grown exponentially since the league’s launch in 2021, reaching a figure of seven.
The name of James and Carter’s team and where they will play are not yet known. MLP teams aren’t currently tied to a geographic location, but Wooster said the league is working with owners to determine the potential for that to change in 2023.
James has already helped drive economic development in his hometown of Akron, Ohio.students of i promise schoolThe public school he founded, the end-of-season tournament will feature the largest prize pool in sports history, $319,000.
Described as a mix of tennis, ping pong and badminton, pickleball has become a recreational hit and a fascination. Main investment Because entrepreneurs are trying to make a profit on games.
MLP announced in July another round of investment By Super Bowl Champion Drew Brees, Entrepreneur Gary Vaynerchuk, Milwaukee Bucks Co-Owner Mark Lasley, Former World No. 4 Tennis Player James Blake, and Bravo’s “Million Dollar List” Ryan Serhant is.
With the new investment, the MLP will expand from 12 teams to 16 teams in 2023, with players competing in six tournaments across six U.S. cities and winning over $2 million in prizes.
The sport is also raising money outside the league.In Sarasota, Florida, a commercial real estate entrepreneur Brian and Valerie McCarthy, Invested $180 million to build at least 15 indoor private pickleball clubs.
others are investing in chain model, mix food, entertainment and pickleballs. With restaurants, bars and indoor and outdoor pickleball courts, Camp Pickle is set to open in 10 locations across the country by 2026. chicken n pickles, smash park and electric pickles.
among game fans bill gates, Kevin Durant The sport will grow to 4.8 million players in the United States in 2021, according to the 2022 Sports & Fitness Industry Association Single Sport Report on pickleball.
“Pickleball is the fastest growing sport in the nation, with communities forming in cities and towns around the world,” MLP founder Steve Kuhn said in a statement.
He said the league’s newest investors and the exposure they provide will help the sport reach its goal of 40 million pickleball players by 2030.
According to MLP, there are no rules preventing James from playing in the league. The league is led by Travis Rettenmeyeris a retired professional tennis player, one of the owners of the Florida Smash Pickleball team and was drafted by his own team.
“Yes, I would welcome LeBron, Draymond and Kevin Love to consider playing,” Worcester said with a laugh.
