BOULDER, Colo. — In a move that signals a transformative shift for the action sports industry, X Games officially announced on June 11, 2026, the sale of two of its premier franchises, XC Los Angeles and XC Park City, to veteran private equity investor Allen Thorpe. The transaction, executed through Thorpe’s investment firm, Pipedream Capital, represents a significant milestone in the development of the MoonPay X Games League (XGL), the world’s first team-based, year-round professional league for action sports. This acquisition underscores a broader trend of institutional capital flowing into niche sports markets, seeking to capitalize on the high engagement and cultural influence of skateboarding, BMX, and winter sports.
The sale comes as the X Games prepares to launch its inaugural Summer Season, a venture that aims to move the brand away from a purely event-based model toward a structured, seasonal competition format. Moelis & Co. LLC acted as the exclusive financial advisor to X Games throughout the transaction, highlighting the sophisticated financial structuring behind the league’s expansion. The move to a franchise model is intended to provide long-term stability for athletes, consistent content for broadcasters, and a localized identity for fans—a strategy that has proven successful in traditional sports leagues like the NBA and NFL, as well as emerging formats like Formula 1 and the Indian Premier League.
The Strategic Vision Behind the MoonPay X Games League
The MoonPay X Games League represents the most significant structural change in the 30-year history of the X Games brand. Historically, action sports have operated on an individualistic, "merit-based" entry system where athletes competed for podium spots in isolated events. The XGL disrupts this by introducing permanent Clubs, multi-year athlete contracts, and team-based scoring systems.
Jeremy Bloom, CEO of X Games and a former Olympic skier and NFL player, has been the architect of this shift. According to Bloom, the investment by Pipedream Capital serves as a powerful validation of the league’s vision. By creating permanent teams, the X Games aims to build "season-long storylines" and "deeper connections with fans." This model is designed to solve one of the perennial challenges in action sports: the lack of a consistent narrative and the financial volatility for athletes who previously relied almost entirely on prize money and individual sponsorships.
For investors like Allen Thorpe, the XGL offers a unique entry point into sports ownership. Thorpe, a native Californian and a long-time resident of Park City, brings two decades of private equity experience to the table. His acquisition of both a Summer Club (Los Angeles) and a Winter Club (Park City) allows Pipedream Capital to maintain a year-round presence in the league. Thorpe noted that the X Games brand sits at the intersection of "sport, culture, entertainment, and youth engagement," making it a prime asset for a new category of sports ownership that emphasizes digital interaction and lifestyle branding.
XC Los Angeles: A Powerhouse in the Epicenter of Action Sports
Los Angeles is widely regarded as the spiritual and commercial home of skateboarding and freestyle BMX. As the host city for the upcoming 2028 Summer Olympics, the city’s inclusion as a flagship XGL market was a strategic necessity. XC Los Angeles will operate as one of the league’s primary Summer Clubs, benefiting from the region’s deep pool of talent and its established infrastructure for action sports.
The club is led by General Manager Sharalee “Haze” Hazen, a respected figure in the industry known for her ability to identify and nurture elite talent. The XC Los Angeles roster is a blend of veteran experience and explosive youth. Highlighting the team is Tom Schaar, an Olympic medalist and the first skateboarder to ever land a 1080 on a mega-ramp. Joining him is Mia Kretzer, an 11-year-old Australian phenom who represents the next generation of global stars the league hopes to elevate.
The inclusion of athletes like Kretzer is central to the XGL’s "co-ed" and "multi-generational" appeal. By mandating diverse rosters, the league ensures it captures a wide demographic of viewers. The Los Angeles market provides the perfect backdrop for this, offering a high-density media environment and a fan base that is already deeply integrated into the "skate-and-surf" lifestyle.
XC Park City: Anchoring the Winter Expansion
While the immediate focus of the XGL is the 2026 Summer Season, the sale of XC Park City secures a vital foothold for the league’s winter expansion. Park City, Utah, is globally recognized as a premier destination for skiing and snowboarding, having hosted events during the 2002 Winter Olympics and currently preparing for the 2034 Winter Games.
The XC Park City Winter Club is scheduled to begin competition with the XGL Winter Season in 2027. By securing ownership now, Pipedream Capital has a significant lead time to build out the organization’s infrastructure, engage with the local community, and sign top-tier winter athletes. The geographical choice is deliberate; Park City is home to the U.S. Ski & Snowboard headquarters and several world-class training facilities, ensuring the club will have access to the best resources in the world.
Chronology of the XGL Launch and 2026 Season Schedule
The development of the XGL has been a multi-year project, accelerating after MSP Capital acquired a majority interest in X Games from ESPN in 2022. The 2026 season marks the culmination of this transition from a media-led event to a sports-led league.
The inaugural Summer Season schedule is designed to maximize global exposure:
- June 26, 2026: The season kicks off in Sacramento, California, a city with a rich history in hosting X Games qualifiers and a dedicated fan base.
- July 2026: The league travels to Chiba, Japan. This international leg is crucial, as Japan has become a dominant force in competitive skateboarding following the Tokyo Olympics.
- Late July 2026: The season concludes with the XGL Championship in New Orleans. This "Finals" event will crown the first-ever team champions in action sports history.
Following the summer conclusion, the league will shift its focus to the winter cycle, with more club ownership announcements expected in the second half of 2026 as the league prepares for the 2027 winter debut.
Economic Impact and the Professionalization of Action Sports
The shift to a team-based model has profound implications for the economics of action sports. Historically, many top-tier athletes struggled with financial instability, as their income was tied to "podium or bust" scenarios. The XGL’s introduction of athlete contracts provides a guaranteed base salary, health benefits, and performance bonuses, mirroring the professional standards of the "Big Four" American sports.
Furthermore, the franchise model creates "enterprise value" for the clubs. In the previous X Games format, there were no assets for investors to buy other than the brand itself. Now, with eight distinct clubs (four summer and four winter), there are tangible assets—franchises—that can appreciate in value, be traded, or sold. This structure is expected to attract more private equity firms and high-net-worth individuals, further driving up the league’s valuation.
The partnership with MoonPay also introduces a technological layer to the league’s economy. As a leader in Web3 infrastructure, MoonPay is expected to facilitate innovative fan engagement strategies, such as digital collectibles, loyalty programs based on blockchain technology, and enhanced "behind-the-scenes" access for fans who hold team-specific digital assets.
Broader Implications for Global Sports Ownership
The sale of XC Los Angeles and XC Park City to Allen Thorpe is a testament to the changing landscape of sports media and consumption. Younger audiences are increasingly moving away from traditional three-hour broadcasts toward highlight-driven, personality-led content. Action sports are uniquely positioned to thrive in this environment.
By localizing teams in cities like Los Angeles and Park City, the XGL is betting on the "home team" effect. Even in individualistic sports like skateboarding, fans often gravitate toward regional heroes. Providing a "Los Angeles" team for a local fan to support creates a level of tribalism and loyalty that individual competitions often lack.
Furthermore, the league’s timing is impeccable. With the 2028 Los Angeles Olympics and the 2034 Utah Winter Olympics on the horizon, the XGL is positioning its clubs in the very cities that will be the center of the sporting world over the next decade. This synergy between professional league play and Olympic competition is likely to create a "virtuous cycle" of talent development and sponsor interest.
Future Outlook
As the XGL moves toward its June 26 opener in Sacramento, the industry will be watching closely to see how the team format resonates with the core "endemic" fan base while attempting to attract "non-endemic" mainstream viewers. The success of the Los Angeles and Park City franchises will serve as a bellwether for the remaining six clubs.
Additional ownership groups are expected to be announced shortly, with rumors circulating about interest from traditional sports team owners and entertainment moguls. The transition of X Games from a biannual festival to a perennial league is no longer a distant vision—it is a financial and operational reality. With the backing of investors like Allen Thorpe and the strategic guidance of Jeremy Bloom, the MoonPay X Games League is set to redefine the boundaries of professional action sports for the next generation.
