Padel's Explosive U.S. Growth Makes National News, and Our Backyard Is Part of the Story

CNBC is reporting that the Pro Padel League has raised $15 million in Series A funding, the latest sign that padel is rapidly moving from a niche racquet sport to a serious business category in the United States.

The round was led by Charlotte Hornets co-chairman and governor Rick Schnall, with additional investment from venture capital firm Left Lane Capital. The funding follows $10 million in seed funding that the league received just a year ago. For context on how fast valuations are climbing, PPL franchises that cost $200,000 to join in 2023 are now valued at more than $10 million.

The global padel market is already estimated at $2 billion and growing at a double-digit annual rate, according to Deloitte. The sport counts more than 35 million players across 110 countries, and the United States Padel Association projects 15 million American players and 20,000 courts here by 2030, up from just a few hundred courts today. Celebrity backers, including Rafael Nadal, Serena Williams, David Beckham, Cristiano Ronaldo, and Derek Jeter, have all put their weight behind the sport's expansion.

Quoted in the story is Jon Krieger, co-founder of Padel United Sports Club right here in Cresskill: "It's the stickiest, most addictive sport that exists. Once you feel that for yourself, it's pretty clear to understand where this can exist as an asset class."

Read the full story at CNBC.