Aquis-listed VVV Sports has entered into non-binding heads of terms to acquire R3 Sport Limited, in a deal that could create one of the first listed “pure-play” vehicles focused on the fast-growing global markets for padel, pickleball and other emerging sports.
The proposed acquisition, which values R3 at £3 million, would see VVV issue 300 million new ordinary shares to R3’s shareholders. The two businesses intend to complete the transaction by 30 November 2025, subject to legal and financial due diligence, the signing of a definitive sale and purchase agreement, and approval from independent VVV shareholders.
Jonathan Rowland, Executive Chairman of VVV and Chief Executive of R3, is a significant shareholder in both entities, making the transaction a related party deal under Aquis Growth Market rules. A shareholder circular outlining the terms and convening a general meeting will be issued in due course.
Event ownership and management
The merger would combine R3’s event, media and retail operations with VVV’s investment and strategic management platform. The enlarged group’s focus will centre on event ownership and management, including the R3 Bullpadel Cup and Premier Padel events, as well as future collaborations with the International Padel Federation and partners across Europe and the Middle East.
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Beyond tournaments, the new entity intends to expand into athlete management, strategic team ownership, and the acquisition of complementary brands. R3 currently operates partnerships with MRH Sport and Bullpadel, a leading global padel equipment manufacturer.
The enlarged business also plans to build out venues and academies, with flagship projects such as the proposed Abu Dhabi Centre of Excellence, and to develop media rights and original content under its “Padel Planet” banner.
Retail and distribution will form a further pillar of growth, with exclusive rights to sell Bullpadel products across the UK, Ireland, Australia, New Zealand and other territories.
Listed opportunity has first mover advantage
If completed, the combination would leave VVV uniquely positioned as a listed consolidator in a market segment increasingly attracting investment but still largely dominated by private players. The company’s directors argue that the enlarged group would benefit from a first-mover advantage as the only publicly traded platform dedicated exclusively to the professionalisation and commercialisation of high-growth, niche sports.
Upon completion, the board of the combined company is expected to include Jonathan Rowland as Chairman, Richard Morecroft as Non-Executive Director, R3’s Managing Director Sam Kemp, Mahesh Pulandaran as Non-Executive Director, and an additional member yet to be announced.
Commenting on the proposed deal, Rowland said the merger represented “a transformative step” for both businesses. “Through the proposed combination of VVV and R3, we intend to create a much larger and financially stronger entity to support our ambitious plans for growth,” he said. “Emerging sports like padel and pickleball are experiencing explosive global traction, yet there remains a clear gap in professionalising and monetising their potential, particularly across Europe, the Middle East and key global hubs.”
He added that the enlarged group aimed to position itself as a “next-generation sports entertainment company,” blending live events, influencer culture and elite training facilities to capture commercial opportunities across talent management, media, and merchandise.
If realised, the deal could mark a significant step towards bringing the energy of emerging racket sports into the public markets, a sector poised for its own high-speed rally.
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