Pickleball’s Breakout TV Moment Sets the Stage for an $800M Platform Play

After a Record CBS Audience, the United Pickleball Association Eyes a $150–200M Capital Raise to Build a Vertically Integrated Empire

Carvana PPA Masters Championship didn’t just post a strong number last month — it made history.

The event averaged 791,000 viewers on CBS, making it the most-watched pickleball broadcast ever, across any network. More importantly, it wasn’t buoyed by an NFL lead-in — the traditional crutch for emerging leagues trying to inflate ratings. CBS had no NFL game that day. The audience showed up anyway.

And the PPA didn’t just set a niche record — it won the window.

During the same time slot, it outdrew:

• An NBA game on Amazon Prime (528,000 viewers)

• A Big 12 Women’s basketball game on FOX (677,000 viewers)

• The Premier League on USA Network (451,000 viewers)

• Liga MX on Univision (342,000 viewers)

Across the full weekend, the PPA also surpassed:

• Big Ten men’s basketball on NBC (719,000)

• Big 12 men’s basketball on ESPN (544,000)

• SailGP’s CBS broadcast (496,000)

That performance reinforces what the participation data has been signaling for years: pickleball is no longer just a recreational boom — it’s an emerging television property.

A $150–200 Million Bet on Vertical Integration

Behind the scenes, momentum is building.

Sources indicate that the United Pickleball Association (UPA) — the parent company of the Professional Pickleball Association (PPA) and Major League Pickleball (MLP) — is in the early stages of a major capital raise targeting $150–200 million.

The proceeds would clean up the balance sheet and add fresh growth capital. But the bigger story is structural.

UPA is exploring the creation of a private equity-style rollup anchored by billionaire Tom Dundon.

Dundon, owner of the Carolina Hurricanes and incoming owner of the Portland Trail Blazers, is already the largest shareholder in UPA through Dundon Capital Partners. Over the last five years, he has quietly assembled assets across the pickleball ecosystem — from ecommerce to software to infrastructure.

Those holdings include:

• Pickleball Central (leading ecommerce platform)

• Pickleball Play Solutions (registration and facility software)

• Just Courts Construction (court construction and infrastructure)

• Minority stakes in Picklr (facility franchising) and DUPR (global ratings/data platform)

The vision: combine professional and amateur tournaments with commerce, software, media, and real estate into a single, vertically integrated operating platform generating $140+ million in annual revenue.

The Growth Backdrop: Participation Is Exploding

Pickleball remains America’s fastest-growing sport, with roughly 19.8 million U.S. players today.

If current growth trends hold, pickleball is on pace to become the country’s fourth-most popular sport by participation — ahead of baseball and soccer, and trailing only tennis, basketball, and golf.

That growth has translated directly into professional economics.

After intense salary competition nearly pushed both leagues toward insolvency, the PPA and MLP completed a merger in 2024 under the UPA umbrella. While the leagues still operate independently, the holding company centralizes sponsorship and operations.

Recent financial trajectory:

• 2024 revenue: $47 million

• 2025 revenue: $64 million (+36% YoY)

• 2026 projected revenue: ~$81 million

• Sponsorship revenue: $30 million (+25% YoY)

• Tournament attendees: 300,000

• Total annual player compensation: $33 million

At a 7.0x–8.0x forward revenue multiple, UPA’s current operations imply a valuation between $570 million and $650 million.

But the new pitch isn’t about valuing a league. It’s about valuing a platform.

When Dundon’s broader pickleball portfolio (estimated ~$125 million excluding UPA) is combined with the league assets, the fully integrated holding company could reasonably approach — or exceed — an $800 million enterprise value.

From League to Platform

The strategic shift changes the investment thesis.

Instead of underwriting a single professional sports property, investors would be buying into the definitive operating system for global pickleball — monetizing sponsorships, media rights, ticketing, registrations, ecommerce, software, and real estate across the entire customer journey.

If the capital raise closes, here’s where the upside lies:

1. Media Investment

The CBS number proves demand exists. Production quality and global distribution still lag the audience opportunity. Investment in broadcast infrastructure, streaming partnerships, and shoulder programming could dramatically alter the next media rights cycle.

2. Tentpole Event Calendar

Pickleball lacks a “Grand Slam” structure that casual fans can track. The UPA World Championships already generate $4 million in revenue. Expanding to four or five flagship events annually would create appointment viewing and deepen sponsor integration.

3. Grassroots Integration

This may be the real moat.

A recreational player who:

• Registers via Pickleball Play Solutions

• Buys gear on Pickleball Central

• Plays at a Picklr facility

• Tracks rating through DUPR

• Watches MLP on CBS

…is operating entirely within one ecosystem.

That type of vertical integration is rare in sports — and extremely difficult to replicate.

4. Facility Strategy

Dedicated venues are capital-intensive but strategically powerful. They enable year-round programming, local activation for MLP teams, and brand identity — all reinforcing the tentpole media strategy.

The Bottom Line

If UPA successfully raises growth capital and consolidates Dundon’s broader portfolio, the company’s narrative shifts dramatically.

This is no longer just a fast-growing professional league chasing ratings spikes. It becomes a vertically integrated platform with:

• Clear cross-sell economics

• Recurring software and commerce revenue

• Expanding media upside

• A credible path to breakeven in 2027

• Potential to approach $100 million in EBITDA by 2030

Valuation will ultimately hinge on whether investors believe in the ecosystem thesis.

But if pickleball’s participation and broadcast momentum continue anywhere near current levels, UPA may emerge as the single company capturing the sport’s full economic value — from backyard courts to primetime television.