The organisation that runs one of the world’s four largest tennis tournaments has invested in padel, a sport combining tennis and squash.
AO Ventures, the investment arm of Tennis Australia and the Australian Open, is investing in Padel Haus, which it described as “the leading premium padel platform in the United States”.
AO Ventures, which focuses on strategic early-stage investments in start-up companies transforming sports, entertainment, media and health, did not disclose the value of the latest investment by the A$40 million fund but described it as “significant”.
AO Ventures General Partner Dr Machar Reid said AO Ventures was bullish on the global growth of padel and actively investing in it through a range of partnerships inside and outside Australia.
“As a business, we have observed the explosion of the sport internationally and there are now strong foundations for growth in Australia, with courts, clubs and competitions continuing to be established,” Reid said in a media release.
“We have closely followed Padel Haus for the past few years and been impressed with Santiago’s ability to repeatably execute on building premium venues and experiences for Padel players with attractive returns."
Padel Haus Founder and CEO Santiago Gomez said the investment was a powerful validation of the firm’s long-term approach to building padel the right way.
“Padel is still early in its global journey. Working with AO Ventures and alongside Tennis Australia, which brings more than 120 years of experience building global sports platforms, creates a credible pathway for continued expansion,” he said.
Padel Haus, which started in New York, operates six clubs in the U.S. with plans for continued growth as the number of padel players in the country is forecast to grow tenfold by 2030.
The Australian Open, one of the world's four major tennis tournaments, is underway until 1 February with record prizemoney of A$111.5 million (US$76.3 million) at stake.
