UPA Raises USD $15M as It Eyes Increased Player Incentives, Improved Coverage, Global Expansion
The United Pickleball Association (UPA) recently announced raising USD $15 million in a new round of funding. The newly raised funds, according to the UPA, will be used help the league in adding incentive pay for its players, upgrading the broadcast experience, and pursuing international expansion.
“This raise is, in some ways, a stamp of approval for the steps that the business has taken forward in the last 15 to 18 months, where we’ve seen really strong growth on our revenue categories, like sponsorship, like ticketing,” said Samin Odhwani, Chief Strategy Officer at UPA.
More Money, More Improvements
The recent round of funding, which will augment the UPA’s revenue of USD $70 million, came from existing investors and shareholders of UPA, including:
- Dundon Capital, the family office of Carolina Hurricanes owner Tom Dundon.
- Al Tylis, owner of Club Necaxa of LigaMX.
- SC Holdings, led by Jason Stein
All three of these UPA stakeholders were also investors in a previous USD $75 million preferred investment round. This latest round of investments brings the UPA’s total to USD $100 million when its USD $10 million bridge loan in January is included.
“What we’re aiming to do … [is] offer more incentive-based compensation that rewards those that are winning more,” Odhwani said, who emphasised that adding more money would help improve the competition and the storylines that shape it. “We’re going to keep base salaries [too], because people can do the sport full-time and invest in themselves.”
UPA will also look to invest in improving the broadcast experience with partners Tennis Channel Fox, CBS, and ESPN. Among the improvements being eyed are:
- Putting mics on players.
- Adding more cameras.
- Upgrading equipment to help transfer the crowd excitement to viewers.
UPA Expansion on the Horizon
Lastly, the UPA aims to use the recent round of funding to expand even more internationally, particularly in the UK and Asia,
“The sport has grown a ton in the UK and Asia, so we have started having conversations around joint venture partnerships with various operating organizations, taking a page out of the Formula 1 model,” added Odhwani, who also hinted at the UPA possibly potentially rolling out more opportunities for junior players.
All these recent moves aim to continue the business momentum built by the UPA since merging the MLP and the PPA Tour last year.
“What’s validating in some respects is we didn’t have to go externally to raise capital,” Odhwani said. “Our current shareholders said, ‘We like where this is going, let’s double down.’”
Indeed, the UPA is doubling down, and it only bodes well for the pro circuit.
