The United Pickleball Association (UPA) is initiating a fundraising effort to secure $150 to $200 million with the goal of creating pickleball’s first vertically integrated platform. This new platform aims to combine professional leagues, commerce, software, and facilities assets to serve the expanding pickleball industry nationwide.
UPA, which oversees the PPA Tour and Major League Pickleball, intends to unify various aspects of the sport under one holding company to capitalize on growing interest and commercial opportunities. The pickleball vertical integration platform is designed to streamline and expand pickleball’s presence across multiple sectors, leveraging the sport’s surging popularity and record-breaking viewership numbers.
Overview of the Integration Proposal
The fundraising drive is more than just a capital increase for existing leagues. UPA is reportedly working to merge with Pickleball Inc. and other pickleball-related businesses owned by billionaire Tom Dundon, creating a comprehensive organization encompassing professional competition, retail, technology, construction, and facility management.
The envisioned integrated platform will encompass:
- Professional Leagues: Both the PPA Tour and Major League Pickleball
- Ecommerce: Pickleball Central, a top online retailer for pickleball gear
- Software Solutions: Pickleball Play Solutions, which manages tournaments and facility operations
- Construction Services: Just Courts Construction, specializing in building pickleball courts
- Facilities Management: A minority stake in Picklr, the largest franchise operator of pickleball venues
- Data and Ratings: Minority ownership in DUPR, a global platform for pickleball player ratings
Financial Performance and Market Valuation
UPA has demonstrated strong financial momentum, with revenues growing from $47 million in 2024 to a projected $81 million in 2026, representing a compound annual growth rate exceeding 30%. More than 300,000 fans attended PPA and Major League Pickleball events in 2025, generating over $10 million in ticket sales alone.
When combined with Dundon’s assets, the unified platform is expected to generate approximately $140 million annually, drawing revenue from media rights, sponsorships, ticket sales, ecommerce, software licensing, and real estate holdings.
Based on its current growth trajectory and reported revenue multiples of 7 to 8 times, UPA’s standalone valuation ranges from $570 million to $650 million. The merged entity targeting this fundraising round could be valued at or above $800 million.
Industry Figures Respond to Pickleball’s Rise
Notable sports personalities have begun commenting on the rise of pickleball and the growing influence of UPA’s consolidation plan. For example, commentator Samin Odhwani referenced Bill Simmons, a prominent sports media figure, noting:
“@BillSimmons just salty cause his clubs tennis courts got converted over. Don’t worry – you’ll be playing pickleball in a few years. Holler when you need a paddle” — Samin Odhwani
This exchange underscores pickleball’s expanding footprint, even affecting established sports environments and personalities.
Breakdown of Revenue Streams
UPA’s revenue model is diversified, drawing income from several key avenues:
- Sponsorship Deals: Approximately $30 million, including multi-year agreements like the one with DoorDash
- Ticket Sales: Over $10 million generated from live event attendance exceeding 300,000 spectators
- Media Rights: Growing partnerships that boost broadcast and streaming reach
- Amateur Participation: Additional revenue generated from more than 27,000 amateur tournament players
Flagship events such as the UPA World Championships contribute significantly, with this tournament alone producing $4 million in revenue, validating the high demand for marquee pickleball competitions.
Tom Dundon’s Role in Shaping Pickleball’s Growth
Billionaire investor Tom Dundon has been instrumental in assembling the pieces of today’s pickleball landscape. As the owner of the NHL’s Carolina Hurricanes and the soon-to-be owner of the NBA’s Portland Trail Blazers, Dundon has been actively building stakeholdings in pickleball entities since 2021 through his firm, Dundon Capital Partners, which is UPA’s largest shareholder.
Dundon’s acquisition timeline includes:
- 2021: Purchasing majority stakes in Pickleball Central and PickleballTournaments.com
- 2022: Acquiring control of the PPA Tour
- 2024: Backing the $75 million merger of PPA and Major League Pickleball to form UPA
With investments across both UPA and Pickleball Inc., Dundon holds a unique position to facilitate the consolidation of these entities under a single platform.
Implications for Players and the Sport’s Development
This integrated platform could revolutionize pickleball by creating a frictionless experience for players at all levels. Recreational players would benefit from a unified ecosystem that connects equipment purchasing, tournament registration, and access to specialized facilities.
From a broader perspective, bringing together infrastructure, technology, and media assets could enable more consistent event scheduling, higher production values for broadcasts, and better overall strategic growth rather than fragmented, competing efforts within the sport.
For investors, this platform-based approach provides a diversified investment opportunity that goes beyond the uncertainties of a single professional league, encompassing multiple revenue-generating segments of the pickleball market.
Forecast for Profitability and Future Growth
Sources close to the deal indicate that proceeds from the capital raise will be used primarily to reduce existing UPA debt and provide fresh funding to accelerate growth initiatives. The fundraising pitch includes a clear roadmap to breaking even by 2027 and achieving up to $100 million in EBITDA by 2030.
Growth Trends in the Pickleball Market
Pickleball continues to be the fastest-growing sport in the United States, with nearly 20 million active players currently. If growth rates persist, pickleball is poised to surpass baseball and approach soccer in participant numbers by the end of the year. Although it trails behind tennis, basketball, and golf, its rapid expansion has attracted competing tours, equipment makers, and venue operators scrambling for market share.
The surge in grassroots enthusiasm parallels professional interest, contributing to a dynamic environment ripe for consolidation and platform development.
Next Steps and Potential Outcomes
The $150-200 million capital raise remains in its early phases, with deal terms, structure, and timing still subject to negotiation and market conditions. This fundraising effort’s success could determine whether pickleball evolves through a centralized platform that leverages integrated assets or remains fragmented among different organizations serving separate parts of the sport’s ecosystem.
EXCLUSIVE: UPA — the holding company for pickleball’s two biggest leagues — plans to raise $150–200 million in new capital.
The plan is to build a vertically integrated platform (media, software, real estate) serving the entire pickleball industry.
READ: https://t.co/vAzAufoCH9 pic.twitter.com/pFm36VaiC1
— Joe Pompliano (@JoePompliano) February 13, 2026
@BillSimmons just salty cause his clubs tennis courts got converted over. Don’t worry – you’ll be playing pickleball in a few years. Holler when you need a paddle https://t.co/MgPoiQFbIw
— Samin Odhwani (@SaminOdhwani) February 13, 2026
