BOULDER, CO – June 25, 2026 – In a move that signals the dawn of a new era for professional action sports, X Games has officially announced the sale of the X Games Club (XC) São Paulo to Summit Ventures. The UAE-based investment group, spearheaded by entrepreneur and action sports enthusiast Ali El Ali, has acquired the franchise, marking a critical expansion for the MoonPay X Games League (XGL) as it gears up for its highly anticipated inaugural season.
This transaction represents more than just a change in ownership; it is a strategic alignment of global capital with the deeply rooted, high-octane culture of Brazilian skateboarding. By partnering with skateboarding icon and local legend Bob Burnquist—who will serve as the General Manager of XC São Paulo—Summit Ventures is positioning the club to be a flagship asset within the XGL’s innovative, team-based structure.
The Strategic Shift: Building a Global League
The inception of the MoonPay X Games League (XGL) in 2026 was designed to revolutionize how action sports are consumed and monetized. Historically, the X Games operated as a series of high-profile, standalone events. The XGL, however, shifts the paradigm toward a year-round, city-based team model. This structure mirrors the success of established traditional sports leagues, providing fans with season-long narratives, inter-city rivalries, and deeper, more sustainable engagement with the athletes they follow.
The acquisition of the São Paulo club by Summit Ventures is a testament to the league’s attractiveness to international investors. As X Games seeks to formalize its footprint in one of the world’s most passionate action sports markets, it is moving away from the "event-only" model toward a permanent, infrastructure-heavy, club-based ecosystem.
Chronology of the XGL Evolution
The journey to this moment has been a carefully orchestrated progression of private equity-backed growth and strategic institutional investment.
- 2023-2024 (The Conceptual Phase): Following its acquisition by MSP Sports Capital, the X Games brand underwent a period of structural evaluation. The leadership, including CEO Jeremy Bloom, identified a "gap in the market" for a structured, professionalized league format that could offer athletes consistent income and fans year-round content.
- Early 2026 (The Official Launch): The MoonPay X Games League is officially unveiled. The model features eight distinct clubs—divided between Summer and Winter disciplines—intended to anchor the brand in key global hubs.
- Mid-2026 (Rapid Capital Infusion): In the months leading up to the inaugural season, a flurry of ownership announcements captures the attention of the sports business community. Investors from private equity, technology, and global entertainment sectors begin bidding for club rights.
- June 25, 2026 (The São Paulo Milestone): The formal agreement between X Games and Summit Ventures is executed, establishing the first major South American foothold for the league. This is followed immediately by the commencement of the inaugural Summer Season in Sacramento.
Supporting Data: Why Brazil?
The choice of São Paulo as a cornerstone of the XGL is supported by robust demographic and cultural data. Brazil is widely recognized as the epicenter of professional skateboarding in the Southern Hemisphere. The country’s contribution to the sport—both in terms of world-class athletes and cultural influence—is unparalleled.
- Market Penetration: Skateboarding in Brazil is not merely a hobby; it is a mass-participation sport deeply embedded in the urban identity of São Paulo.
- Economic Opportunity: With a massive youth demographic and a growing middle class, Brazil offers a fertile ground for the commercialization of sports media rights, sponsorships, and merchandise.
- Talent Pipeline: The concentration of elite-level skateboarders and BMX riders in Brazil ensures that a locally-based club can consistently field a competitive, world-class roster, reducing the need for costly international recruitment.
The inclusion of Bob Burnquist, a multi-time X Games medalist and a pioneer of the sport, provides the club with instant credibility. His involvement via Instituto Skate Cuida ensures that the club is not just a commercial enterprise but a contributor to the grassroots development of the sport.
Official Responses and Strategic Vision
The collaboration between Ali El Ali and Jeremy Bloom is seen as a "perfect pairing" of financial ambition and cultural authenticity.
Jeremy Bloom’s Perspective
"Ali immediately stood out as someone who genuinely lives the culture of action sports," said Jeremy Bloom, CEO of X Games. "He’s a skateboarder, he’s a surfer, and he understands what makes this community special. Pairing his vision and investment with Bob Burnquist’s leadership and credibility creates an incredibly powerful foundation for XC São Paulo and for the future of the X Games League."
The Vision of Ali El Ali
For El Ali, the investment is deeply personal. "Action sports have had a profound impact on my life," El Ali stated. "The opportunity to own an X Games Club in Brazil alongside Bob Burnquist is incredibly exciting. We view this as only the start as we look to elevate action sports across Brazil and bridge it with the UAE and the wider region."
The Role of Bob Burnquist
Burnquist, who has spent three decades at the pinnacle of skateboarding, views the club as a bridge to the future. "I’ve watched X Games come into the world, evolve, and now take the shape of this new league," Burnquist remarked. "I’m proud to help build XC São Paulo, with our riders, our crew, and Ali and Summit Ventures, for the long haul. We’re going to build a club the community is proud of and that the rest of the world can’t ignore."
Financial and Operational Implications
The financial structure of this deal is complex, involving multiple stakeholders. Magellan Capital, a DIFC-based investment manager, played a pivotal role in advising Summit Ventures, while Moelis & Company LLC served as the exclusive financial advisor to X Games.
This acquisition highlights a broader trend: the institutionalization of extreme sports. By bringing in professional financial managers and, in some cases, private equity, X Games is insulating itself from the volatility that often plagues independent sporting events. The league’s model—which includes athlete drafts and revenue-sharing agreements—is intended to provide a more predictable return on investment for owners like Summit Ventures.
Furthermore, the "geographic identity" of the clubs is a deliberate strategy to localize the global brand. Just as a football club in Europe relies on local loyalty to drive ticket sales and broadcast revenue, the X Games expects XC São Paulo to foster a similar, localized tribalism.
What’s Next: The XGL Roadmap
As the league kicks off its inaugural Summer Season, the eyes of the sports world are on the transition from traditional competition to the club-based model.
- Sacramento Kickoff (June 26): The season begins with the world’s elite talent competing for points toward the inaugural team title.
- Global Tour: The league moves to Chiba, Japan, highlighting the international scope of the competition.
- New Orleans Championship (July): The season concludes with a high-stakes finale that will crown the first-ever XGL club champion.
- Winter Expansion: Looking ahead, the league plans to incorporate skiing and snowboarding, rounding out the calendar and ensuring year-round relevance for investors and sponsors.
Conclusion: A New Frontier
The sale of the São Paulo club is a microcosm of the larger, ongoing evolution of the X Games brand. By integrating regional powerhouses with global management, the X Games League is effectively professionalizing the "chaos" of action sports.
With the backing of MSP Sports Capital, the operational expertise of figures like Ali El Ali, and the cultural authority of legends like Bob Burnquist, the XGL is well-positioned to bridge the gap between niche counter-culture and mainstream global entertainment. As the league continues to finalize club ownership, one thing is clear: the future of action sports is team-based, global, and institutional. The world is watching to see if this model can turn the adrenaline of the halfpipe into the stability of a lasting sports franchise.
