Key Takeaways:
- The World Surf League is exploring strategic alternatives after strong audience growth in 2025.
- The move could mark a turning point after more than a decade under Dirk Ziff’s ownership.
- The timing reflects broader investor interest in sports properties, including niche and emerging leagues.
The World Surf League is testing strategic options, including a potential sale or new capital, as strong audience growth and renewed investor interest put the league at a pivotal moment.
The move marks a potential turning point for the organization, which has been under the private ownership of billionaire Dirk Ziff for over a decade.
A WSL spokesperson confirmed the report to SESO.
“The WSL is coming off its best year ever and recently kicked off its 50th anniversary season. We have received a significant amount of inbound interest and have decided to explore strategic alternatives to accelerate the next phase of growth. At the same time, we remain focused on providing an incredible platform for our athletes, fans, and partners.”
Earlier this year, the WSL reported impressive 2025 results, including:
- Global reach climbed to 80 million across linear and digital platforms, up 39% year over year.
- Fans generated 20.3 million watch hours, with average live audiences of 2.5 million per event.
- Social performance surged to 1.5 billion impressions and 849 million video views in 2025.
The recently completed Gold Coast Pro in Australia attracted over 100,000 in-person attendees across the event. The Gold Coast Pro also was up 30% in broadcast consumption year-over-year, the WSL told SESO.
Who Owns the World Surf League? Background on Dirk Ziff and the Ziff Era
The WSL was previously known as the Association of Surfing Professionals (ASP) before it was acquired by Ziff in 2012. For more than 12 years, Dirk Ziff has been the primary benefactor of the sport, subsidizing the league’s professionalization, the development of a proprietary broadcasting platform, and the acquisition of the Kelly Slater Wave Company.
Despite the prestige of the tour, professional surfing has historically struggled with the high costs of remote logistics and the unpredictability of the ocean. Ziff’s investment was widely seen as a passion project that transformed the ASP from a fractured, surfer-run organization into a centralized media entity.
What Happened to the Surf Ranch? WSL Asset Sales and Restructuring
As part of this financial restructuring, reports indicate that the WSL has streamlined its assets. Sportico and Stab have reported that the league sold its majority stake in the Kelly Slater Surf Ranch in Lemoore, California, to a group of investors including Los Angeles-based businessman Joseph Self.
Under the leadership of WSL CEO Ryan Crosby, who took the helm in 2024, the league has refocused its efforts on its core audience, emphasizing high-performance surfing over the experimental reality-TV formats seen in previous years.
Why Private Equity and Sovereign Wealth Funds Are Investing in Sports Leagues
While no formal buyer has been named, the “strategic alternatives” being explored could range from a minority investment to a complete change in ownership.
The WSL is part of a wave of sports entities pivoting toward private equity and sovereign wealth funds.
Which Sports Leagues Are Attracting Outside Investment?
Several major and “up-and-coming” leagues have recently secured or are actively pursuing institutional capital:
- Big Five U.S. Leagues (NFL, NBA, MLB, NHL, MLS): Following rule changes in 2024 and 2025, private equity firms like Arctos Partners, RedBird Capital, and Sixth Street now hold minority stakes across dozens of franchises. In 2025, the Los Angeles Lakers were sold in a record $10 billion deal that showcased the skyrocketing valuations attracting these firms.
- European Football (Soccer): Leagues like France’s Ligue 1 and Spain’s La Liga have sold portions of their commercial rights to CVC Capital Partners. Meanwhile, Saudi Arabia’s Public Investment Fund (PIF) recently invested $1 billion into the sports streaming giant DAZN.
- Tennis (ATP & WTA): Both the men’s and women’s tours have signed major multi-year strategic partnerships with the PIF to fund prize money increases and infrastructure.
- Emerging & Niche Sports: Private equity is aggressively targeting high-growth “lifestyle” sports, including:
- Pickleball & Padel: Massive influxes from individual PE partners.
- IMG Academy: Sold to BPEA EQT for $1.25 billion in a landmark deal for youth sports.
- Unrivaled Sports: A youth sports platform that secured $120 million from investors including Dick’s Sporting Goods in 2025.
