Rick Schnall, co-owner of the $3.7B Charlotte Hornets, led a $15 million Series A into Pro Padel League, valuing the startup at $100 million—a 10x jump from its $10 million seed. The investment signals NBA capital testing padel as an adjacent sports property, mimicking the League's historical playbook with soccer and esports. Schnall's dual ownership (Hornets + PPL exposure) hedges against league concentration risk while maintaining exposure to court-sports infrastructure play. Per public reporting, PPL CEO Mike Dorfman framed the round as capital validation ahead of franchise expansion. For institutional allocators, the round tests whether padel's growth curve justifies venture multiples, or whether it mirrors pickleball's saturated trajectory. Hornets valuation growth of 5.7% YoY suggests Schnall's portfolio is performing—PPL bet now tests whether his capital allocation extends beyond NBA upside.