Life Time, a publicly traded holding company for athletic and country clubs and related services, has made Andre Agassi the first Chairman of its new Pickleball and Tennis Board. Company Chairman and CEO Bahram Akradi will serve on the board alongside Agassi as Co-Chairman.
These days, says Life Time, Agassi plays pickleball “multiple times” per week. As we reported in January, the retired tennis star is also an investor in and board member of Dynamic Universal Pickleball Rating (DUPR).
Life Time entered the tennis market in 2002 and has “established more than 260 courts” in 30 or so of its clubs in the US. Akradi committed the company in 2021 to becoming “the nation’s leader in pickleball courts and programming.” So far, it has 630 of these courts at 130 clubs.
Registered in Delaware and headquartered in Chanhassen, Minnesota, the company operates in the US and Canada. According to its latest investor presentation, Life Time Pickleball saw a rise of 673 percent in unique participants from January 2022 to June 2023. This is one of several branded offerings in athletic training and classes, the others being Dynamic Personal Training (DPT), GTX, Alpha, UltraFit, Arora and the latest edition, Dynamic Stretch.
The company’s Q4 and FY 2023 revenues amounted to $558.8 million (+18.2% YoY) and $2.217 billion (+21.6% YoY) respectively. Net income was up for both periods, to $23.7 million and $76.1 million, with adjusted Ebitda of $137.7 million (+28.7%) and $536.8 million (+90.6%).
