The World Surf League is evaluating bringing on new investment, including the possibility of selling, after receiving “a significant amount of inbound interest,” it said. The WSL has expanded its mandate with Raine Group to assess opportunities and manage the process.
The global circuit of professional surfing events is celebrating its 50th season this year, and the sport’s audience has grown since being included in the past two Olympics. According to materials shared with prospective investors and viewed by Sportico, last weekend’s event on Australia’s Gold Coast drew more than 50,000 attendees and saw online viewership increase 30% year-over-year. In part, streaming platforms have proved a better fit for the league’s days-long, nature-dependent competitions than traditional linear TV.
Wave pools have also expanded the sport’s potential footprint, with surfers set to compete again in Abu Dhabi this October.
“We have received a significant amount of inbound interest and have decided to explore strategic alternatives to accelerate the next phase of growth,” a WSL spokesperson said in a statement to Sportico when asked about ongoing conversations. “At the same time, we remain focused on providing an incredible platform for our athletes, fans, and partners.”
A person familiar with the talks described them as early-stage for now. Potential outcomes also include strategic partnerships and minority investments.
Following a recent restructuring of the WSL schedule, the top-level Championship Tour includes 12 stops across five continents, with its conclusion at Hawaii’s Pipe Masters event. Three-time WSL champion Brazilian Gabriel Medina is currently atop the men’s tour; countrywoman Luana Silva leads the women.
The WSL boasts 80 million annual viewers across linear and digital platforms and 1.3 billion consumers on social media, with both of those numbers up roughly 40% year-over-year. The league has told potential investors that its average fan is 38 years old and that 77% of its Instagram followers don’t follow other major sports leagues. WSL hired former Riot Games executive Ryan Crosby as CEO in 2024, partially to further its online business.
Billionaire Dirk Ziff backed the 2012 acquisition of what was previously the Association of Surf Professionals, which had been controlled by athletes and endemic brands. The rebranded WSL embraced drones and streaming as it courted young, affluent fans around the world—and also sought to further draw in dedicated surfers, including some who were wary of the sport’s commercialization. In 2021, the WSL negotiated a potential sale to Netflix before talks broke down.
The Snow League raised $15 million last year, including from investors connected to major league sports teams, while the X Games League recently sold its first pair of franchises as it also goes after the global action sports market. LA28 promises to bring even more attention to nontraditional disciplines. Trestles State Beach will provide the stage for the Olympic surfing competitions after previously hosting WSL Finals events.
Possible WSL investment could come from media companies, existing sports organizations, private equity firms or wealthy individuals. Raine Group has emerged as one of the prominent M&A advisors in global sports, previously working with Manchester United, Chelsea, the PGA Tour and UFC, among other entities, on sales and investment processes. It is currently advising the NBA on European expansion plans. Raine declined to comment.
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