X Games Announces Sale of São Paulo Club as MoonPay X Games League Expansion Continues

UAE-based investor group, Summit Ventures, led by action sports enthusiast and entrepreneur Ali El Ali, acquires X Games Club São Paulo, marking another milestone in the league’s rapid growth

BOULDER, CO (June 25, 2026) — X Games today announced the sale of X Games Club (XC) São Paulo to Summit Ventures, led by entrepreneur Ali El Ali. Summit Ventures is a purpose built vehicle focused on investing in sports and live entertainment.

The acquisition marks another major milestone for the MoonPay X Games League (XGL) as momentum continues to accelerate ahead of the league’s inaugural season. 

Through the transaction, El Ali and Summit Ventures will assume ownership of XC São Paulo and partner with Brazilian skateboarding legend Bob Burnquist, serving as General Manager of XC São Paulo, to build one of the premier clubs in the XGL. 

Magellan Capital, a DIFC-based investment manager and financial advisory firm, advised the buyer group. Moelis & Company LLC served as the exclusive financial advisor to X Games.

Brazil represents one of the largest and most passionate action sports markets in the world, with skateboarding deeply embedded in the country’s culture and identity. São Paulo is expected to become a cornerstone Club within the league as X Games expands its global footprint and creates year-round team-based competition for the world’s best action sports athletes. 

“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.” 

El Ali has long been active in action sports and brings ambitions that extend beyond team ownership, including helping grow skateboarding participation and infrastructure throughout emerging markets. 

“Action sports have had a profound impact on my life and was the community that took me in and I felt connected to,” said El Ali, Principal of Summit Ventures. “The opportunity to own an X Games Club in Brazil alongside Bob Burnquist is incredibly exciting. Brazil has produced some of the most talented and influential athletes in the history of skateboarding, and we believe XC São Paulo can become a global destination for athletes, fans, and partners who want to be part of the future of the sport. We view this as only the start as we look to elevate action sports across Brazil and bridging it with the UAE and wider region as the various communities grow. We see the unique opportunity to be part of innovating and growing skateboarding and BMX and the wider action sports space and fostering this globally alongside Bob and XGL.” 

For Burnquist, one of the most decorated skateboarders of all time and one of Brazil’s most celebrated athletes, the partnership represents an opportunity to help shape the next generation of action sports talent while bringing Brazilian fans closer to the world’s premier action sports brand. 

“Skateboarding and BMX in Brazil are more than sports; they’re culture, community, and for many of us, chosen family,” said Burnquist. “I’ve spent thirty years inside that culture, as a skateboarder and through Instituto Skate Cuida, our nonprofit that brings skateboarding to communities across Brazil. I’ve watched X Games come into the world, evolve, and now take the shape of this new league, and I’m proud to help build XC São Paulo, with our riders, our crew, and Ali and Summit Ventures, for the long haul. I’m especially excited to work with Ali on connecting our communities in Brazil, the UAE, and beyond, around the culture we both grew up in. We’re going to build a club the community is proud of and that the rest of the world can’t ignore.” 

The sale of XC São Paulo continues a string of recent ownership announcements as demand for XGL clubs continues to grow. Since unveiling the league, X Games has attracted investment from sports owners, private equity investors, entrepreneurs, and global business leaders seeking to participate in the evolution of action sports. 

With the addition of Summit Ventures and XC São Paulo, X Games continues to build a global ownership group united by a shared belief in the future of action sports and the long-term growth potential of the XGL.

The inaugural XGL Summer Season, featuring the world’s best skateboarders and BMX athletes, begins June 26 in Sacramento before traveling to Chiba, Japan, and concluding with the Championship in New Orleans in July before expanding into skiing and snowboarding in the Winter. The league combines city-based clubs, athlete drafts, season-long competition, and team ownership to create a new global model for action sports. Additional Club ownership announcements are expected in the coming months. 

About X Games 

X Games is the leading action sports brand globally, showcasing the world’s best athletes across skateboarding, BMX, skiing, snowboarding, and Moto X. Through world-class competitions, innovative media, and immersive fan experiences, X Games reaches millions of fans annually across broadcast, streaming, digital, and live events worldwide. 

For more information, visit xgames.com or follow X Games on TikTok, X, Instagram, or Facebook.  

About MoonPay X Games League (XGL)  

Launched in 2026, the MoonPay X Games League (XGL) brings an exciting new extension to the iconic X Games brand as the world’s first year-round, team-based, coed league in action sports. The League features eight Clubs (four winter X Games Clubs and four summer X Games Clubs) that fuse geographic identity with global athletic talent as they compete.  

For the first time in X Games history, athletes compete in a structured season and team-based format, allowing for season-long storylines and deeper athlete-fan engagement across broadcast, streaming, live events, and digital platforms. This represents a fundamental shift in the world of action sports as XGL aims to build stronger global presence and regional connections for athletes, teams, fans, and sponsors. The formation of XGL greatly expands compensation opportunities for athletes beyond existing prize purses, with additional earning potential as part of the league’s team model. 

To learn more, visit xgames.com/xgl or follow X Games on Instagram, X, Facebook, YouTube, TikTok, and LinkedIn.   

About MSP Sports Capital 

X Games is a portfolio company of MSP Sports Capital, a global private equity firm that invests in teams, leagues, and other businesses in the sports ecosystem. The firm pursues influential positions in mature sports companies and focuses on creating value and driving differentiated returns. MSP Sports Capital was founded by veteran investor-operators, Jeff Moorad and Jahm Najafi, whose expertise span the world’s largest sports leagues, including MLB, NBA, NFL, F1, and European football. 

For more information, please visit mspsportscapital.com.

About Summit Ventures

Summit Ventures is a UAE-based investment firm focused on the sports and live entertainment sectors in leading global markets. The firm invests in opportunities across teams, leagues, rights, experiences and related platforms, with a focus on high-growth assets that sit at the intersection of sport, culture and audience engagement. Summit Ventures connects regional capital to globally relevant brands, experiences and audiences. The firm is led by Ali El Ali.

About Magellan Capital

Magellan Capital is a diversified investment manager and financial advisory firm regulated by the Dubai Financial Services Authority (“DFSA”). Magellan Capital is headquartered in Dubai, with affiliated offices in London and Abu Dhabi. The firm possesses a broad range of investment management and financial advisory capabilities spanning the entire private capital and public capital spectrum, with a focus on Europe and the GCC.

Media Contact: 

media@xgames.com