It was announced last month that former CEO of data and analytics company Datalogix Eric Roza would acquire CrossFit from its founder and now former CEO Greg Glassman. The move came following intense backlash from the fitness community to Glassman’s comments on Twitter about the George Floyd and Black Lives Matter movement.
Today, the final contract was signed and Roza is the new official owner of CrossFit, pending government approval.
Roza announced it earlier today on his Twitter page:
Today we signed the final contract to purchase 100% of CrossFit … Now the real work begins! pic.twitter.com/0ZT9gQbdpJ
— Eric Roza (@RozaEric) July 24, 2020
Note: bolding done by BarBend editorial team.
“Following a month of hard work by several dozen individuals on our respective deal teams, I’m delighted to report we have signed the final contract to purchase 100% of CrossFit from Greg Glassman. I will be joined in acquiring CrossFit by Berkshire Partners, a Boston-based investment firm, and we will be putting 1% of the stock into a non-voting trust for Maggie Glassman and their kids.
We expect to close the transaction in the next few weeks, following the receipt of final government approval.“
For reference, Berkshire Partners is a Boston-based investing firm that currently has an estimated $16 billion in total capital commitments across nine funds. The firm was founded in 1984 and has investments across approximately 100 companies.
In his Twitter post, Roza also shared what he believes are the immediate challenges facing CrossFit, including the toxic culture allegedly cultivated by its previous owner and the steps needed to correct them.
“…my team and I have spoken directly with hundreds of folks, and we’ve received and read emails and social posts from thousands of others across the global community over the past month. Thank you for your candor, well-wishes, great ideas, and tough love.
The consistent themes have been a profound belief in the unparalleled power of CrossFit to change lives; a mandate that CrossFit provide a culture of inclusion that works tirelessly to eliminate racism, sexism, and bias; and a recognition that success in tackling these challenges will require us all to come together as part of the solution.
Through the dialogue, the team and I have become acutely aware of the alienation and dissonance felt by a number of current, former, and potential members of our community. I’ve heard your message loud and clear: Change is needed and we must think and act out of the box to reach those who don’t feel welcomed by CrossFit.”
On top of these massive changes also comes the obstacle of the current global health crisis brought on by the coronavirus. It has led to restricted travel and widespread gym closures, putting many CrossFit affiliates in jeopardy. Much like major competitions like the recent Rogue Invitational, Roza is taking the requisite steps for CrossFit to have a stronger virtual presence for its members.
“At the same time, COVID-19, has created unprecedented challenges in our community. Nearly 100,000 people around the world make their livelihood through CrossFit, supporting several million others for whom CrossFit is the best hour of the day. We must think and act in the box to help our Affiliates survive and thrive through a resurgent global pandemic with devastating social, economic, and health consequences of indeterminate duration and severity.
Finally, we are working hard to deliver a safe and global CrossFit Games in mid-September. We are partnering closely with our Athletes, their agents and managers, and local and federal agencies to deliver the world’s greatest test of fitness to living rooms and mobile screens around the world in spite of the challenges presented by the pandemic.
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This is a lot of information to take in all at once, but it appears Roza will be ready to take the community’s questions in a month’s time.
“I will be holding a Community Town Hall in mid-August to update you with specifics on our work on Culture, Inclusion, Affiliate Support, and the 2020 Games.
Thank you for the warm welcome and for your partnership in the hard work ahead.“
Feature image via Eric Roza’s Instagram page: @rozaeric
