A growing number of celebrities and pro athletes are investing in yes pickleball including LeBron James Tom Brady and Kevin Love and our next guest rich clyman is here he's the co-founder of 35 Ventures and boardroom and this morning alongside Kevin Durant is announcing the purchase of a Major League pickleball team good morning to you sir.

Good morning to you guys what is happening we were just talking during the commercial break about the sort of crazy popularity of pickleball now you're investing in a team yes very much it the sport as you know has just like exploded in popularity and I fell in love with the sport this summer and the opportunity to be a part of it was like.

The first thing I thought about when I got off the court and we did some research and now we've fortunately found ourselves proud members of MLP it's so fun it's so fun so what what are the economics of of the pickleball Universe at the moment yeah well there was 12 teams and I think after this latest round there'll be 16 teams and.

You know by acquiring a team you're getting equity in the league but you own and operate your team and with that becomes like a blank canvas for opportunity because this is a sport that is growing every day and because of that the league is evolving and it's a pretty exciting time how does the league work relative to tennis.

It's different in that being a team format they have these like tournaments right um this past year I think there were three next year I believe they're six and at the tournaments there'll be some combination of individual play and team play um and compete men's singles women's singles men's doubles women's doubles.

And one of the feature matches which is incredible is mixed doubles that I mean do they work their way through the ranks or you just see talent and you say okay you're coming you're coming you're coming well I think it's going to be a combination of starting to do that which will be a fun process I'll be on my Theo Epstein and uh and also there's.

Like a rating system so the league also encompasses um a organization called duper which is the official rating system and I think that will be very handy almost as if you were drafting your fantasy team okay so like five or ten years from now is this something you're gonna be watching on TV is this a streaming situation is this is.

Like they're gonna be like the US Open of pickleball yeah I mean there is in in some regard now but it five ten years from now I believe will be obviously way bigger and I think that there will be these bigger events that will be Regional events hopefully you know depending on what city we get we can create exhibitions and build a real.

Community around the sport in the city that we're operating our team in but yeah I think five ten years from now you're seeing even more events per year and I think this thing will be streamed I think they're fortunately like because they haven't landed exactly on what that will be in the future I think the possibilities of how this gets aired and.

You're plugged into Nike and all sorts of other companies so what kind of sponsors you think ultimately get behind this I think a ton I mean already in Columbus this past weekend at the Championships you saw a handful of sponsors obviously that have already committed but you know the sports exploded we all know that so I think.

You're going to see a ton of sponsors get involved Shepard Smith here thanks for watching CNBC on YouTube
35V co-founder Rich Kleiman joins ‘Squawk Box’ to discuss his decision to buy a Major League Pickleball expansion team alongside Brooklyn Nets star Kevin Durant. For access to live and exclusive video from CNBC subscribe to CNBC PRO:https://cnb.cx/2NGeIvi

» Subscribe to CNBC TV:https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC:https://cnb.cx/SubscribeCNBC

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30:https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast />
Connect with CNBC News Online
Get the latest news:
Follow CNBC on LinkedIn:https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook:https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter:https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram:https://cnb.cx/InstagramCNBC