Premier Lacrosse League Aims to Sell Teams by 2028, Targeting 16 Franchises

Paul Rabil, co-founder of the Premier Lacrosse League (PLL), announced the organization plans to transition from a single-entity ownership model to independent team ownership by 2028, according to a July 25, 2023, interview with CNBC. The move aligns with the league’s goal to expand from eight teams to 16, mirroring structures in other U.S. professional leagues. Rabil, 40, emphasized the shift as a step toward leveraging the 2028 Los Angeles Olympics, which will feature lacrosse’s return as a medal sport after about 120 years.

PLL’s Ownership Model Shift: What’s the Timeline?

The PLL, currently owned by the league itself, has explored selling franchises to individual owners or groups. Rabil stated the transition “will happen by 2028 or soon thereafter.” The league raised $100 million in a Series E funding round earlier this week to grow the league. The PLL merged with MLL in 2020.

“The first allotment of tickets sold out in 48 hours for lacrosse, so there’s good hype building,” Rabil said during the CNBC interview. The 2028 Olympics is seen as a catalyst for the league’s exposure.

How Does PLL Compare to Other Emerging Leagues?

The PLL joins a growing list of sports leagues adopting single-entity models. League One Volleyball has recently begun selling off teams to interested owners who pay expansion fees to take control of franchises. The Basketball Africa League (BAL) is beginning that process now, NBA Deputy Commissioner Mark Tatum told CNBC Sport last month.

Emerging leagues like the PLL are seeking to prove they can join a mezzanine class of leagues that can garner team valuations in the hundreds of millions or even close to a billion dollars. Rabil mentioned potential interest from private equity firms or strategic partners like TKO Group, which owns World Wrestling Entertainment, Ultimate Fighting Championship and Professional Bull Riders, noting “we would absolutely have those discussions.”

Why the 2028 Olympics Matter for Lacrosse’s Growth

The 2028 Olympics represents a moment for the league and the sport. Rabil’s vision for the PLL includes leveraging this exposure to attract new investors. “If a large private equity fund or a strategic company such as TKO Group, which owns World Wrestling Entertainment, Ultimate Fighting Championship and Professional Bull Riders, would like to acquire the league, ‘we would absolutely have those discussions,’” he said. The PLL is backed by a combination of investor firms and wealthy individuals.

What’s Next for the PLL’s Expansion?

The PLL’s transition to independent ownership hinges on securing interested buyers. The league’s $100 million funding round indicates confidence in its growth.

As the 2028 Olympics nears, the PLL’s ability to scale its operations will determine whether it can join the “mezzanine class” of leagues that can garner team valuations in the hundreds of millions or even close to a billion dollars. For now, Rabil’s comments signal an ambition to transform the league.

CNBC Coverage | International Olympic Committee | Premier Lacrosse League