SPORTIME Clubs and Hornig Capital Partners Partner to Develop Pickleball Facilities
Nyenta.com/10254902

NEW YORK - Nyenta -- SPORTIME Clubs and Hornig Capital Partners announced today that they have signed a partnership agreement to establish a new company, SPORTIME Pickleball, LLC, that will develop and operate state-of-the-art, standalone, pickleball facilities in the tri-state area under the SPORTIME brand. The joint venture is a collaboration of SPORTIME Clubs, the largest and most sophisticated operator of racket sports facilities and programs in the Northeast, including the John McEnroe Tennis Academy, and Hornig Capital Partners, a NY-based real estate development company with a track record of success in developing value added properties.

SPORTIME Pickleball is currently preparing to offer a limited $14 million tranche of founding partner equity to qualified investors, and has executed a long-term lease for a site under development in Armonk, NY, scheduled to open in 2024. SPORTIME Pickleball is currently negotiating 8 lease transactions on Long Island and in Westchester, Connecticut, New Jersey and NYC, with the goal of having more than a dozen dedicated pickleball centers in operation by the end of 2027. Claude Okin, President & CEO of Sportime Clubs, explains, "for SPORTIME, this is a natural expansion of our business and allows us to utilize existing talent and expertise across racket sports lines. There are inexperienced pickleball start-ups everywhere at the moment, but we plan to leverage our 35-year advantage to offer the best pickleball facilities and programs and to acquire dominant market share in the geographies where we do business and nearby."

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SPORTIME Pickleball will operate dedicated indoor and outdoor pickleball sites throughout the Northeast, and expects to become the dominant pickleball club operator in the area and beyond, leveraging SPORTIME's existing infrastructure, which already includes 70 pickleball courts, management and programming expertise and player database of more than 30,000 active members/players. SPORTIME recently opened the largest indoor pickleball facility in New York State at their Port Washington facility, consisting of 12 dedicated courts.

"We are continuing to see terrific growth in all racket sports, but especially in the unprecedented boom of pickleball. In response, SPORTIME is committed to bringing world-class pickleball facilities to our markets and beyond," explained Okin.

Daren Hornig, Managing Partner of Hornig Capital Partners shared, "I am thrilled to be partnering with SPORTIME to help to build a business around a sport that I love, in markets that I know very well. My role is to source the best locations and to negotiate the best possible leases or acquisitions for our growing network of dedicated pickleball clubs."

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For more information, email info@SportimePickleball.com.

http://www.sportimepickleball.com