Sell your club, venue or kids activity business
This year I am working with owners of pickleball clubs, golf entertainment venues, a swim school, a kids play center, escape rooms, padel courts and a members club. I bring a corporate finance background and the experience of buying, growing and selling a senior care business with nearly 1,000 employees.
- Owner and seller of a senior care business, grown through the pandemic
- Nearly 1,000 employees employed across six years of ownership
- 5.2 months median time to close, as published by Iconic
Demand is real. Buyers now pay for earnings, not for the buildout.
Participation is growing in pickleball, golf and youth activities. Buyers have also become more careful, and the gap between hype and price is closing.
That is up 22.8% from 2024 and up 171.8% over three years, per SFIA. About 4.5 million people picked up a paddle for the first time in 2025.
Source: The Kitchen, SFIA 2026 participation report coverage, Mar 2026
Nine facilities listed for sale cut their asking prices between late June and early September 2026, and none raised them. Buyers are paying for profit, location and lease terms, not the cost of construction.
Source: The Dink, pickleball facility listing price cuts, Sep 2026
The NGF counted 48.1 million people playing golf on and off the course, with on course play above 29 million. Off course formats like ranges, simulators and Topgolf style venues keep growing.
Sources: New England Golf, NGF Graffis Report 2025 participation, Feb 2026, First Call Golf, NGF state of the industry, Feb 2026
Private youth enrichment deals confirmed by CriticalPoint averaged about 12x EBITDA, and listed peers traded near 9.6x. Premiums go to businesses with roughly $10 million or more of EBITDA.
Source: ION Analytics Mergermarket, youth enrichment platform scarcity, Oct 2026
What a recreation buyer checks first.
First time SBA buyers and multi site operators make the same opening requests. I build these files before a club or venue is marketed.
Recurring revenue
Memberships, monthly swim or class tuition and league fees that renew on their own. Buyers want the monthly total, churn and how long members stay.
Utilization
Booked hours as a share of available court, bay, pool or room hours, split by peak and off peak. Low weekday use is where buyers see upside or risk.
Revenue mix
How much comes from memberships, open play, lessons, leagues, parties, corporate events and food and beverage. Each stream carries a different margin.
The lease
Years left, renewal options, rent steps and whether the landlord must approve a transfer. Too little term can sink SBA financing.
Equipment and capex
Age and condition of simulators, court surfaces, pool mechanicals, game systems and HVAC. Buyers subtract the replacement bill from your price.
Booking and POS data
Exports from your reservation, membership and point of sale systems that tie to your P&L and tax returns. Clean data shortens diligence.
Price drivers for clubs and venues
| What pushes your price down | What pushes your price up |
|---|---|
| Revenue that depends on walk in traffic and one season | Memberships, tuition or leagues that renew every month |
| A lease with under five years left and no renewal option | A long lease with options and an assignment clause the landlord has agreed to |
| Courts, bays or pools that sit empty most weekdays | Strong weekday utilization from leagues, lessons, schools or corporate groups |
| The owner runs the desk, the schedule and the social media | A general manager and head coach who run the day without you |
| Aging simulators, worn courts or deferred pool repairs | Recent equipment upgrades with receipts and a maintenance log |
| Cash sales and booking data that do not tie to the tax return | Clean books that reconcile to booking, membership and POS reports |
Operators, sponsors and first time owners are all buying.
Multi site operators lead on single venue add ons. Private equity leads on platforms and brands. Individuals with SBA loans buy many of the owner operated clubs and franchise units.
| Buyer type | What they pay for | Active examples |
|---|---|---|
| Multi site venue operatorsStrategic | Venues near their footprint they can convert to their brand. Lucky Strike bought 80 venues from fiscal 2022 through fiscal 2026. | Lucky Strike Entertainment, Five Iron Golf, Ninja Kidz Action Parks, Epic Padel |
| Youth enrichment platformsFinancial and strategic | Proven kids brands and schools that can be franchised or rolled up, with steady enrollment and a strong curriculum. | Unleashed Brands (Water Wings Swim School), Spark Harbor (Bach to Rock, Water Babies), Brand Velocity Group (RCX Sports) |
| Large private equity sponsorsFinancial | Scaled brands and club portfolios with management in place, recurring membership revenue and room to grow. | Leonard Green (Topgolf), KSL Capital Partners (Invited), Broadsword (Powerleague), Coral Tree Partners (Five Iron Golf investment) |
| Hospitality and members club groupsStrategic | Membership communities, food and beverage revenue and locations that fit an existing brand. | MCR Hotels (Soho House), Punch Bowl Social (Pinstripes), Burhill Group (GolfPlex, UK) |
Recent club and venue deals.
Club, venue and school deals announced in 2025 and 2026. Most small recreation sales close privately, so this shows who is active.
| Date | Buyer | Target | Type | Value |
|---|---|---|---|---|
| Jul 2026 | Epic Padel | Midlothian Tennis ClubChesterfield County, Virginia; 16 courts, about 250 members; padel courts planned | Strategic | Undisclosed (land recorded at $900K) |
| Jun 2026 | Brand Velocity Group | RCX SportsYouth leagues including NFL Flag and Jr. NBA; sold by Raine Partners | PE platform | Undisclosed |
| May 2026 | Spark Harbor | Bach to RockYouth music school franchisor, 57 locations | Platform add on | Undisclosed |
| Apr 2026 (reported) | KSL Capital Partners | InvitedMore than 150 golf and country clubs, about 300,000 members | PE buyout | About $3B (reported) |
Show all 14 deals
| Date | Buyer | Target | Type | Value |
|---|---|---|---|---|
| Mar 2026 | Ninja Kidz Action Parks | Flight Adventure ParkFamily entertainment centers across North America | Strategic | Undisclosed |
| Feb 2026 | New franchisee | Pickleball Kingdom PlanoPlano, Texas; 15 indoor courts | Franchise resale | Undisclosed |
| Feb 2026 | Burhill Group | GolfPlexBracknell, UK; range, simulators and adventure golf | Strategic | Undisclosed |
| Nov 2025 | Leonard Green & Partners | Topgolf and Toptracer (60% stake)Seller keeps 40%; about $770M of net proceeds | PE buyout | $1.1B valuation |
| Oct 2025 | Punch Bowl Social | PinstripesSeven bowling and bocce venues bought out of bankruptcy | Distressed | Undisclosed |
| Aug 2025 | Five Iron Golf | Golf the GreenChicago; nine simulators; Five Iron's fifth acquisition | Strategic | Undisclosed |
| Aug 2025 | MCR Hotels | Soho HouseMembers club group taken private at $9 per share | Take private | $2.7B |
| Jul 2025 | Lucky Strike Entertainment | Raging Waters LA, Boomers Vista and three other parksSouthern California and North Carolina; two water parks, three family entertainment venues | Strategic | Undisclosed |
| Jun 2025 | Broadsword | Powerleague43 UK football clubs adding 76 padel courts | PE buyout | Undisclosed |
| Jan 2025 | Unleashed Brands | Water Wings Swim SchoolIndoor swim schools in Nevada, California, Idaho and Texas | Strategic | Undisclosed |
What is your sports, recreation or entertainment business worth?
Owner run clubs, schools and venues sell on SDE. Multi site groups with managers in each location sell on adjusted EBITDA.
Illustrative only, not a valuation.
Published ranges for this industry
- Entertainment and recreation businesses sold from 2017 to 2025 averaged 2.72x SDE; the other entertainment and recreation group averaged 2.60x (BizBuySell)
- Golf courses and golf services, 2021 to 2025 sales: 2.59x SDE median, 2.04x to 3.63x middle half (BizBuySell)
- Gym and fitness centers sold from 2021 to 2025: median 2.42x SDE, upper quartile 3.00x (BizBuySell)
- Day care and child care centers sold from 2021 to 2025: median 2.72x SDE, upper quartile 4.03x (BizBuySell)
Bands start from the recreation data above. Recurring revenue, lease, your role and growth move them by amounts I chose. Use it as a first look.
Where recreation owners lose money in a sale.
I see the same problems in clubs, venues and kids businesses. Most can be fixed if you start a year or two before you sell.
Pricing on what you spent to build it
Buyers pay for earnings, not for courts, bays or pools. Pickleball listings priced on buildout cost have been cut sharply.
Cost: Months on the market and a lower final price
Letting the lease run short
Lenders and buyers want enough lease term to cover the loan. A lease near its end hands the landlord your leverage.
Cost: Lost SBA buyers or a forced rent increase
Booking revenue you cannot prove
Cash at the desk or bar that never reaches the books cannot be counted. Buyers price only what ties to the tax return.
Cost: Earnings left out of the multiple
Being the face of the club
When members, parents and league captains all phone you, a buyer sees a job. A general manager and head coach change that.
Cost: A lower multiple or a long earnout
Deferring equipment and repairs
Worn surfaces, old simulators and tired pool systems show up in every inspection. Buyers deduct the full bill and then some.
Cost: A price cut late in diligence
Leaving the franchisor out
Franchise transfers need franchisor approval of the buyer and its terms. Late involvement stalls the closing.
Cost: Missed deadlines and frustrated buyers
What club and venue owners ask me before they sell.
Who is buying sports and recreation businesses right now?
Multi site operators like Lucky Strike and Five Iron Golf are buying single venues near their markets. Youth platforms like Unleashed Brands and Spark Harbor are buying kids brands. Sponsors like Leonard Green and KSL are buying scaled brands and club portfolios.
What multiple will my business sell for?
Small recreation businesses usually sell on SDE. BizBuySell data shows entertainment and recreation sales averaging 2.72x SDE, with golf businesses at a 2.59x median. Manager run venues can trade on EBITDA, with one advisor publishing 3.5x to 5.5x for bowling centers.
Is the pickleball boom over for sellers?
Play keeps growing, with 24.3 million Americans playing in 2025 per SFIA. Club prices are another story. Nine listed facilities cut asking prices by about 39% in ten weeks in 2026, because buyers pay for profit, not buildout.
Should my business be valued on SDE or EBITDA?
For owner earnings under $1 million, BizBuySell points to SDE. Groups with a paid general manager are usually valued on adjusted EBITDA. I show both figures to every buyer.
Can a buyer use an SBA loan to buy my club or school?
Often. Since June 2025, an SBA buyer of a club or school needs at least 10% equity. A seller note can fund up to half of that while on full standby.
Can I keep a small stake after the sale?
You can, but it changes the financing. Under the June 2025 SBA rules, a seller keeping any equity must personally guarantee the loan for two years. Many sellers exit fully for that reason.
Do private equity firms buy small kids businesses?
Usually through a platform company. Premium multiples go to businesses with roughly $10 million or more of EBITDA. Smaller schools and centers are bought as add ons or by franchisees and individual owners.
Does owning a franchise change the sale?
Yes. The franchisor usually approves the buyer, sets transfer terms and may require training. Franchise resales happen often, like the 2026 sale of Pickleball Kingdom Plano to a new franchisee.
Terms buyers will use
- SDE
- What one full time club or venue owner takes home before debt, after adding back owner pay and one time costs.
- Adjusted EBITDA
- Earnings before interest, taxes, depreciation and amortization, with one time items removed and a paid general manager's salary included.
- Utilization
- Booked hours divided by available hours for courts, bays, lanes, pools or rooms.
- Recurring revenue
- Memberships, tuition and league fees that renew without a new sale each month.
- Churn
- The share of members or students who cancel in a given month or year.
- Location based entertainment
- Venues people visit for an experience, such as golf entertainment, bowling, escape rooms and family fun centers.
- Eatertainment
- A venue that pairs games or sport with a full food and beverage operation.
- Platform
- A sponsor's first venue or brand in a niche, which then buys more.
- Add on
- A smaller club or venue a platform buys to fill in its map.
- Assignment clause
- The lease term that controls whether, and how, the landlord must consent to a new tenant.
- Transfer approval
- The franchisor's sign off on a new owner of a franchise unit, often with fees and training.
- Full standby
- A seller note that pays nothing until the SBA loan is retired.
- Equity rollover
- Equity you keep in the buyer's company, cashed out at its next sale.
- Quality of earnings (QoE)
- An outside CPA check on whether your earnings and add backs are real.
Own a sports, recreation or family entertainment business? Schedule a complimentary call with Max!
Twenty confidential minutes on your memberships, utilization and lease, read as a buyer reads them, plus what to fix first.
Sources (30)
- The Kitchen, SFIA 2026 participation report coverage, Mar 2026
- The Dink, pickleball facility listing price cuts, Sep 2026
- New England Golf, NGF Graffis Report 2025 participation, Feb 2026
- First Call Golf, NGF state of the industry, Feb 2026
- ION Analytics Mergermarket, youth enrichment platform scarcity, Oct 2026
- Sportico, youth sports M&A in 2025
- BizBuySell, selling an entertainment and recreation business
- BizBuySell, golf courses and golf service valuation benchmarks
- BizBuySell, gym and fitness center valuation benchmarks
- BizBuySell, day care and child care valuation benchmarks
- CT Acquisitions, selling a bowling and entertainment center, 2026
- Live Oak Bank, SBA SOP 50 10 8 changes, effective Jun 2025
- Lucky Strike Entertainment, Form 10 K for fiscal 2026
- First Call Golf, Five Iron Golf fifth acquisition, Aug 2025
- Athletech News, Padel Haus Series B, Jul 2025
- Richmond BizSense, Midlothian Tennis Club sold to Epic Padel, Jul 2026
- RCX Sports, Brand Velocity Group acquisition, Jun 2026
- Franchising.com, Bach to Rock acquired by Spark Harbor, May 2026
- D Magazine, Invited acquired by KSL Capital Partners, May 2026
- Pulse 2.0, Ninja Kidz Action Parks acquires Flight Adventure Park, Mar 2026
- Community Impact, Pickleball Kingdom Plano under new ownership, Mar 2026
- The Golf Business, Burhill acquires GolfPlex, Feb 2026
- Vegas Inc, Topgolf majority stake sold to Leonard Green, Nov 2025
- Topgolf Callaway Brands, transaction call transcript, Nov 2025
- Cleveland Jewish News, Punch Bowl Social purchases Pinstripes, Nov 2025
- Hotel Management, MCR Hotels to take Soho House private, Aug 2025
- Business Wire, Lucky Strike acquires two water parks and three family entertainment centers, Jul 2025
- The Padel Paper, Broadsword acquires Powerleague, Jun 2025
- Franchising.com, Unleashed Brands acquires Water Wings Swim School, Jan 2025
- Iconic, iconic.co (firm figures as published)
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