Paul Rabil told CNBC he's banking on the 2028 Los Angeles Summer Games, where lacrosse will return as an Olympic sport, to shine a spotlight on PLL.

Ares Management and Alibaba Group co-founder Joe Tsai led the round. Tsai, the PLL's largest shareholder, has invested in it since 2019, while Ares is a new PLL investor.

The Premier Lacrosse League (PLL) has raised $100 million, its largest round ever, from a group that includes Joe Tsai, Ares funds, Glen Powell, more.