Avenue Sports Fund Invests in CityPickle, Supporting Growth of Leading Lifestyle Brand Providing Pickleball in Urban Settings
CityPickle to Expand Pickleball Club Concept Combining Indoor Courts with Full Bar and Restaurant and Activations in Iconic Public Spaces
NEW YORK, June 27, 2024 /PRNewswire/ -- The Avenue Sports Fund today announced it has made a significant minority investment in CityPickle, the urban home for pickleball. The new capital will support CityPickle's plans to expand the locations of its permanent, indoor pickleball club concept in addition to strategic activations at iconic landmarks in metropolitan areas.
Pickleball has been the fastest-growing sport in the United States over the past four years. According to estimates, nearly 40 million people nationally have played pickleball at least once in the past 12 months. CityPickle focused initially on New York City and the Greater New York market, where research suggests 5 to 6 million people played pickleball in 2023, despite limited supply for courts.
Co-founded by two female entrepreneurs, Mary Cannon and Erica Desai, in the summer of 2021, CityPickle is addressing the supply-demand imbalance for courts in dense urban areas by building pickleball clubs that combine indoor, bookable courts with a full bar and restaurant—making it the ideal destination to spend quality time with friends, colleagues, and family. The brand also installs seasonal courts at high-profile locations. CityPickle offers a variety of playing options to book, including: court reservations, clinics, open play, one-on-one coaching, private and corporate events.
In fall 2023, CityPickle opened its first permanent pickleball club in Long Island City, New York and is the seasonal partner of Wollman Park Partners, which operates the iconic Wollman Rink in Central Park. CityPickle at Wollman Rink is the largest pickleball installation in the Northeast with 14 permanent courts, providing 182 hours of play a day. CityPickle operates other seasonal pickleball experiences including a seven-court, indoor location at Brooklyn's Industry City in addition to activations at Hudson Yards, Union Square Park, and Philadelphia's City Hall. In June 2024 it was announced CityPickle has been selected by NYC Parks to revitalize Anchorage Plaza, the 60,000 square foot space under Brooklyn Bridge, with pickleball courts, public art, community programming, food trucks and more and will debut in Spring 2025.
"There is a significant opportunity to provide permanent and pop-up pickleball locations to service the growing and passionate demand for this sport," said Marc Lasry, Avenue Capital's Chairman, CEO and Co-Founder. "CityPickle, led by co-founders Erica Desai and Mary Cannon, has established a special brand that is relevant to urban locations nationwide. We are excited to join with the CityPickle team to support its expansion strategy."
"We are thrilled to have the Avenue Sports Fund join our team at CityPickle as we further our mission to spread the joy and community of pickleball in New York City and other metropolitan areas," said Mary Cannon, CityPickle Co-founder. "We've experienced an overwhelming demand for more access to pickleball and are looking forward to expanding our ability to offer a best-in-class experience to the rapidly growing player population alongside our new partners at Avenue Sports Fund," added Erica Desai, CityPickle Co-founder.
About Avenue Sports Fund
Launched in 2023, Avenue Sports Fund provides capital solutions to a wide variety of established teams and leagues across the globe, as well as investments in emerging sport properties to capitalize on areas of exponential growth. The Sports Fund also invests in sports-related media and entertainment rights, real estate, and other adjacent businesses. Avenue Sports Fund, led by Marc Lasry, is a fund of Avenue Capital group, a global investment firm focused on making opportunistic credit and other special situation investments across the United States, Europe, and Asia. Avenue, founded in 1995 by Mr. Lasry and Sonia Gardner, draws on the skills and experience of over 60 investment professionals and more than 180 employees operating from its headquarters in New York and offices in Europe, Asia and Abu Dhabi. Avenue has assets under management of approximately $12.5 billion.
About CityPickle
CityPickle is the urban home for pickleball. CityPickle opened its first, permanent pickleball club in Long Island City in 2023, which combines indoor, bookable courts with a full bar and restaurant, making it the ideal destination to spend quality time with friends, colleagues and family. CityPickle is also Wollman Rink in Central Park's official seasonal partner where it operates the largest pickleball installation in the Northeast with 14 permanent courts and 182 hours of play a day. CityPickle operates other seasonal pickleball experiences like a seven-court, indoor location at Brooklyn's Industry City in addition to activations at Hudson Yards, Union Square Park, and Philadelphia's City Hall. CityPickle will continue to partner with high-profile destinations in cities as it strategically develops new club locations.
Media Contacts:
For Avenue: Todd Fogarty, Kekst CNC, [email protected]
For CityPickle: Ashton McLeod, BerlinRosen, [email protected]
SOURCE Avenue Capital Group
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