Pickleball facility franchisor The Picklr has filed for Chapter 11 bankruptcy protection as the company seeks to reorganize after what its founder acknowledged was a costly business mistake tied to early lease guarantees.

The indoor pickleball company filed late Friday in the U.S. Bankruptcy Court for the Northern District of Texas, according to a public statement from the company.

The Picklr said an investor group led by one of its franchisees has committed $4. 5 million in financing, subject to court approval, while Sports Business Journal reported the group has committed $4. 8 million to sponsor the reorganization.