MLP's Los Angeles Mad Drops sell majority stake at $13M franchise valuation

Alex Lantz

Director of Content

Last Edited

Aug 21 2025

Category

News

Major League Pickleball’s Los Angeles Mad Drops have sold a controlling stake in the franchise at a valuation of $13 million to Mad Drippin SPV, LLC, headed by Alex Geesbreght, who is the owner and operator of PRAX Leadership.

This transaction -- along with the recent announcement of the expansion franchise Palm Beach Royals at a $16 million valuation -- represent MLP’s two largest franchise transactions since the close of the 2024 MLP/PPA merger.

Mad Drippin SPV, LLC is a Texas-based group with deep professional and personal ties to the Greater Los Angeles area, with members from a variety of professional backgrounds, including healthcare, pro sports team ownership and management, oil & gas, real estate and family office management.

LA's existing ownership group, including Drew Brees, Jayson Tatum, Josh Allen, Haley Jones, Zubin Mehta, and Ryan Serhant will remain part of the ownership team.

The league’s 2025 season-to-date has shown significant year-over-year growth in all business areas over the same number of events (11), with this weekend’s DoorDash MLP Finals in New York City still to come. The franchise also recently acquired world No. 1 men's player Ben Johns, who is eligible to be kept for the 2026 season.

Season-to-date highlights feature strong growth across sponsor revenue (more than double last year’s total), ticket revenue (+28%), social media impressions (+277%), YouTube views (+156%), total minutes viewed on Pickleballtv (+105%), and telecast hours (+83% on linear TV across national, RSN, and local partners), according to the league.

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