01  /  The State of Play
Carvana PPA Tour · Pickleball Inc
Prepared for American Express · August 2026 · Confidential

Pickleball
is clear.

American Express×Carvana PPA Tour
Pickleball has been aggregated into one ecosystem. The sport is clear. The future is clear. This is the case for getting in now.
The problem, until recently

Pickleball was the
Wild Wild West.

Five to seven conversations to touch one sport. Separate tours, retailers, tech platforms, media rights and clubs — none of it connected. Too fragmented for a brand to make a bet.

Competing pro tours
Scattered retailers
Rival team leagues
Changing rules
Fragmented tech
No single media home
Disconnected clubs
Paddle technology
Different data everywhere
No clear front door
The aggregation

Four pillars. One roll-up.

2009
Pickleball Central
The sport's first real retailer. Commerce comes first.
2013
PickleballTournaments​.com
Where players and organizers meet. The grassroots engine.
2019
PPA Tour
The premier pro tour. Pickleball's PGA.
2021
Major League Pickleball
Team format. The LIV of the sport.
2022→
Pickleball Inc
Tom Dundon aggregates all of it under one roof.

Each was the best in its lane. The move was not to build another one — it was to bring them under a single company. Grassroots to pro, paddle to broadcast, first serve to championship point.

Note: Founding years approximate; brands were aggregated under Pickleball Inc from 2022 onward.
The result

Pickleball is clear.
The future is clear.

One company now sits at the top of the sport — 250 employees, one data spine, one front door. No more Wild Wild West.

pickleball.com
One login. One identity. Every brand under one roof.
PPA Tour
Major League Pickleball
Pickleball Central
PickleballTournaments.com
Pickleball TV
The Picklr
Who is behind it
Tom Dundonmakes the bet early —
and cashes it late.

Majority owner of Pickleball Inc. His thesis was simple and no one else had executed it: aggregate everything pickleball into one unified ecosystem. That is now done.

TopgolfBacked it when it was "a chip and a ball." Built it, sold to Callaway, remains the largest shareholder.
Carolina HurricanesOwner. Won the Stanley Cup — a bet on a franchise, taken to the top.
Portland Trail BlazersBought the NBA franchise. A second major-league platform in the portfolio.
Pickleball IncSame playbook, earlier innings: consolidate the category, then scale it.
Institutional validation

Apollo just wrote the check.

In May 2026, Apollo — one of the largest alternative asset managers in the world — financed the platform. The kind of diligence that only happens once a category is consolidated and legible.

Apollo investment
$225M
New capital into Pickleball Inc, May 2026.
Balance sheet
$120M+
Cash on hand after refinancing ~$100M of debt. Built to invest, not survive.
Annual revenue
$150M
Run-rate today, across the full ecosystem.
Source: Pickleball Inc. Apollo financing closed May 2026; ~$100M of debt refinanced concurrently.
The scale & the trajectory

Reach that transacts — and a clear path to 2×.

Revenue, consolidatedUSD, $M · FY20–FY31E
0100200300 202020262031E $150M today ~$300M target
Actual Management 2× target
M
People in the ecosystem — one connected identity.
k+
Transacted in the last 52 weeks — paddle, ticket, entry or stream.
#
Most-played U.S. sport — passing tennis this year.
%
Share of organized events over 100 players.
Source: Pickleball Inc. management figures. FY27–31E illustrates the stated goal to double revenue from a consolidated base; not a forecast. Participation rank per industry data (SFIA/APP).
The opportunity — together

The participatory frontier
you haven't cracked yet.

"We have not found a stronghold in the participatory angle of sports… something that fits the portfolio, aligns to the design target, and solves a customer pain point. We see how pickleball could fit that spot."
— Amex, on this call
You know your card members. We know pickleball. This is a blank canvas — here's the surface area only we can offer. Let's design what fits, together.
Access to 25+ marquee events Card-member presale & tickets VIP & elevated viewing Always-on retail offers Court time across 100 clubs Rewards multipliers, ecosystem-wide On-court brand visibility Participation & everyday play
Starting points, not a fixed plan. One partner unlocks all of it — we'll shape the program with your team.
How it maps

Awareness, access, and the everyday player — in one deal.

PPA Tour + MLP
The top
Awareness & prestige. Broadcast on CBS/ABC, patch visibility, VIP hospitality at flagship events.
Live Events
Heat moments
Differentiated access. Presale, fast-track, card-member-only decks and lounges — your standard suite, on a new stage.
Central + PBT.com
Everyday spend
Scaled benefits. Always-on offers and rewards on the sport's largest retail and events platforms.
The Picklr
Participation
Meet them where they play. Priority court time for card members — the casual, weekly touchpoint Amex has been looking for.
Where a partnership would live

Moments worth showing up for.

World Championship · Dallas
A stadium built for pickleball.
5,000-seat stadium court, double-decker VIP, its own boulevard of activations.
60,000Through the weekend
MLP Playoffs · Central Park
Wollman Rink, converted.
We turn an NYC icon into a pickleball venue — the team finale, in the middle of Manhattan.
NYCMarquee live moment
Pickleball Vacations
The premium super-fan.
Rabid fans travel with pros to Punta Cana & Turks — first-access is a card-member dream.
TravelHigh-value audience
The invitation

Let's build it
together.

American Express and pickleball. The participatory frontier you've been looking for, now one clear and unified ecosystem. It's a blank canvas, we move fast, and it's ours to shape together.

American Express×Carvana PPA Tour
Bryce Morgan · President & CMO Connor Pardoe · Founder & CEO
← / → to move
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