Los Angeles Lakers star LeBron James last month invested in a fast-growing sport. He, his business partner Maverick Carter and NBA stars Draymond Green and Kevin Love bought into a league that is expanding from 12 to 16 teams next year.
Financial terms of the deal weren’t disclosed, but Anne Worcester, the new league's strategic advisor, has said team values are in the seven figures.
The popular sport, Pickleball, just keeps on growing.
Other athletes who already are team owners of a Major League Pickleball team include iconic former NFL quarterback Drew Brees and former tennis star James Blake.
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Tom Brady and Kim Clijsters
And now NFL legend Tom Brady of the Tampa Bay Buccaneers is taking the ownership plunge. He is part of a group led by Knighthead Capital Management and including Tennis Hall of Famer Kim Clijsters that has bought an MLP expansion team.
“Of course, I’m excited at the investment opportunity,” Clijsters, a regular Pickleball player, said in a statement.
“But what excites me the most about becoming an MLP owner is that I get to help shape the future of pickleball, a sport I have come to love…. I’m thrilled to … make an impact on the sport through my experience gained in the top levels of professional tennis,” Clijsters said.
The team will be 50% female-owned, including Wall Street bond saleswoman Callie Simpkins, and financial adviser Kaitlyn Kerr, who will serve as general manager, in addition to Clijsters. MLP teams include men and women.
Brady’s a Player
As for Brady, he began playing pickleball four years ago with Knighthead Capital owner Tom Wagner, sources told CNBC. He plays with his kids and has considered installing a pickleball court for his home, the sources said.
“We know that he loves to play pickleball and is very competitive,” Clijsters told CNBC. “We can’t wait to get a game in and see where everybody’s levels at.”
Pickleball, which resembles a combination of tennis, Ping-Pong and badminton, is currently all the rage. It grew the fastest of any sport in the U.S. from 2019-21.
Pickleball participation hit 4.8 million U.S. players last year, up 39% from 2019, according to the Sports & Fitness Industry Association.
Looking at demographics, 52% of the people who play the sport seriously (eight or more times a year) were 55 and older in 2021, according to the USA Pickleball Association. But 79% of casual players are under 55.
One reason why pickleball is so popular is that it’s easier to learn than tennis. “In tennis, the balls are all over the place,” Ernie Medina, a public health professor at Loma Linda University and pickleball coach told The New York Times.
“In pickleball, you’re hitting a plastic wiffle-like ball, so it’s less bouncy and doesn’t fly as fast through the air. And the paddle is much easier to handle because it’s shorter and lighter than a tennis racket,” Medina said.
