CrossFit LLC CEO Don Faul dispelled rumors and concerns about the company’s sale during a call with affiliates on Thursday, March 13, only one day after he announced it was seeking new ownership.
Remind me: In an email to affiliates on Wednesday, CrossFit LLC announced that the company is for sale and actively seeking buyers.
Faul told affiliates the process would take time and that CrossFit is working with Moelis & Company, “a global independent investment bank providing confidential, unconflicted, strategic advice,” to help review a wide range of potential buyers.
Faul hosted a town hall meeting for affiliates on Thursday to discuss the announcement further and share where the company currently is in the process.
- “We are working with Moelis [& Company] to gather information and prepare materials that we’ll use in the sale process, and the intent being to help them understand our business, to help them understand CrossFit, to help them understand what makes CrossFit special,” Faul said during the call.
The next step will be to find prospective buyers and narrow it down to the best potential buyers possible, added Faul.
Rumors of potential buyers have swirled within the CrossFit community, which Faul vehemently denied on the call.
- “There has been some talk that CrossFit has already been sold or that we’ve already identified the buyer and [the sale] is imminent. Those are fundamentally untrue,” Faul said.
While there are interested buyers, he said, the sale process is in its earliest stage.
Faul added that there have been several buyers reaching out since the announcement and all options will be explored further.
Faul stated that the step-by-step process will not be shared publicly. Most of the negotiations and decision-making will be behind closed doors, and once the final sale has been made, it will come directly from him.
- “We’ll communicate that decision, who the future owner is gonna be, and what that means moving forward. And in the meantime, we’re not going to be able to share any additional updates,” said Faul.
He further pushed for support from the community during this sale and urged people to focus on the 2025 CrossFit Open and stay positive, echoing a similar sentiment from the announcement yesterday.
“This is the right thing for CrossFit. It’s the right thing for our community. It’s the right thing for our business, and I think this presents a fantastic opportunity for us, and I’m excited to have the opportunity over the next couple of months to talk to prospective buyers about what’s possible,” he added.
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