DMG Ventures has revealed its investment in the Hexagon Cup, a team padel tennis tournament developed by the founders behind Formula E, Extreme E, and E1. This exciting competition boasts a substantial $1 million (£860,000) prize fund, aiming to elevate the sport of padel tennis to a global level. The inaugural event is scheduled for January 2024 and is expected to attract a broad international audience.
Distinct from the traditional padel tour, Hexagon Cup introduces a novel approach to the sport. It will feature six franchise teams, each comprising three pairs of players, including men, women, and next-gen talents, and will be owned by globally recognized celebrities.
Often described as a blend of tennis and squash, padel tennis is played by doubles pairs within glass-walled courts, approximately a third the size of a standard lawn tennis court. The sport has gained popularity globally, attracting famous enthusiasts such as David Beckham, Andy Murray, Cristiano Ronaldo, and numerous Formula One drivers.
DMG Ventures recognized the remarkable potential for growth in the padel market, prompting its investment in Hexagon Cup. While the sport is already thriving, this unique venture is expected to add a new dimension, aligning it with renowned team competitions like the Laver Cup and the Ryder Cup.
In 1969, padel tennis was first invented in Mexico, and it has since gathered a devoted following in Iberian and Latin American countries. Spain, in particular, has witnessed a rapid rise in the number of padel courts, surpassing the count of traditional tennis courts.
In the UK, the Lawn Tennis Association predicts that the number of padel courts, which currently stands at over 200 nationwide, will double by the end of 2023.
DMG Ventures’ investment of £1 million in Hexagon Cup represents a strategic move into this flourishing sport sector, estimated to be worth €2 billion (£1.7 billion) globally. Initially exploring investment opportunities related to court construction or court booking technology, DMG Ventures found a saturated market.
However, the innovative concept of Hexagon Cup, which combines fun, relaxation, celebrity involvement, entertainment, and excellent hospitality, proved to be an exciting opportunity to make a significant impact in the world of padel tennis.
