Charlotte Hornets owner Rick Schnall led a $15 million Series A funding round in the Pro Padel League, the PPL revealed Tuesday morning.
Financial details were not disclosed, but the round values the PPL at 10x more than the $10 million seed round a year ago, according to PPL CEO Mike Dorfman. Venture capital firm Left Lane Capital led the seed round and also participated in the Series A, along with other investors.
“Bringing on a partner like Rick … gives legitimacy to the emerging property that we’re building in padel,” Dorfman said in a video interview. “I think there’s also a lot of institutional knowledge to be gained from bringing in folks like Rick that have seen sports function at the highest levels.”
Schnall is co-president of private equity firm Clayton, Dubilier & Rice and bought the Hornets in 2023 with Gabe Plotkin and other investors. Schnall and Plotkin rotate as the team’s governor every five years, beginning with Schnall.
The 2026 PPL season starts in July with 10 teams and five events. Dorfman said the new funding will be used to support the next phase of the league’s growth through more events that will allow the PPL to be the “primary source of income and employment for our athletes.”
Dorman is targeting 10 events in 2027 and ultimately 15 to 20 per year.
During the past 12 months, several PPL franchises have been valued at more than $10 million, up from the $200,000 entry fee when the league launched in 2023. New team investors include Rogers Communications executive chair Edward Rogers (Toronto Polar Bears), tennis’ Frances Tiafoe (New York Atlantics), Ajax goalkeeper Maarten Paes (New York Atlantics) and polo star Nacho Figueras (Florida Goats).
In 2020, there were fewer than 30 padel courts in the U.S. Dorfman said early conversations with potential partner required him to explain the sport and consider taking a chance on one event. There are now 1,000 courts, and Dorfman has been able to lock in sponsors under multiyear deals, with the number of courts expected to hit 20,000 by 2030, according to the United States Padel Association. Partners include watchmaker Frederique Constant, Franklin Sports and travel firm Engine.