MLP’s Los Angeles Mad Drops Sell Majority Stake to Mad Drippin SPV at USD $13M Franchise Valuation
Now it can be told: MLP franchises really are worth something. And that’s yet another proof that pickleball is rising up to meteoric heights.
Just recently, the Los Angeles Mad Drops of the MLP presented by DoorDash sold a controlling stake to Mad Drippin SPV, LLC, headed by Alex Geesbreght, owner and operator of PRAX Leadership. What’s more important, the Mad Drops’ franchise valuation at the time of the sale was USD $13 million. Yes, USD $13 million! That’s not quite in the billion-dollar range that NBA or NFL franchises are in, but for a franchise to be valued at USD $13 million in a league that has been around for only a few years certainly speaks volumes about the MLP and pickleball in general.
This transaction—along with the recent announcement of the expansion franchise Palm Beach Royals at a USD $16 million valuation—represents MLP’s two largest franchise transactions since the close of the 2024 MLP/PPA merger.
Mad Drippin SPV, LLC is a Texas-based group with deep professional and personal ties to the Greater Los Angeles area, with members from a variety of professional backgrounds, including healthcare, professional sports team ownership and management, oil & gas, real estate, and family office management.
The Mad Drops’ existing ownership group, including Drew Brees, Jayson Tatum, Josh Allen, Haley Jones, and Zubin Mehta, will remain part of the ownership team.
The league’s 2025 season-to-date has shown significant year-over-year growth in all business areas over the same number of events (11), with this weekend’s DoorDash MLP Finals – New York City, powered by Toray still to come.
Season-to-date highlights feature strong growth across sponsor revenue (more than double last year’s total), ticket revenue (+28%), social media impressions (+277%), YouTube views (+156%), total minutes viewed on Pickleballtv (+105%), and telecast hours (+83% on linear TV across national, RSN, and local partners).
