It was the peak of potential. It was the depth of disillusionment. It was the promise of transformation. And now, CrossFit is for sale—again.
In 2020, Berkshire Partners acquired CrossFit Inc. at a time when the brand was already in slow decline yet still full of promise. The company had over 15,000 affiliates worldwide, a booming certification business, and a grassroots culture that most fitness brands could only dream of replicating. Greg Glassman walked away with a reported $200 million, and a new chapter seemed poised to begin.
Four years later, the momentum has stalled, and the writing is on the wall. Affiliates are closing, the Open is shrinking, and the CrossFit Games, once a crown jewel, have struggled to maintain their shine. With affiliate trust fractured, Berkshire’s exit is less a surprise than it is an inevitability. The bigger question is not why CrossFit is for sale, but what the next buyer needs to understand if the brand has any hope of thriving again.
Two Versions of the Same Story
For many longtime affiliate owners, the story of CrossFit is a tale of two realities. In one version, CrossFit changed lives. The workouts were revolutionary, the community was electric, and owning a gym was a way to make a tangible difference in people’s health and happiness. In the other version, CrossFit HQ failed to evolve. Affiliates were left without business guidance, struggling to stay afloat even as their coaching skills improved. Fees climbed, support evaporated, and brand loyalty turned into quiet resignation.
These two stories aren’t contradictory. They exist side by side. The same gym owner who credits CrossFit with changing their life can also point to HQ’s neglect as the reason they almost lost their business. And now, as the brand faces an uncertain sale, both realities must be acknowledged if the next chapter is going to be any different.
The Sale Is a Symptom of Something Deeper
Private equity doesn’t hold onto brands forever. Their business model relies on buying, optimizing for maximum financial return, and selling within a predetermined timeframe. CrossFit was never going to be a long-term investment for Berkshire. However, the bigger issue is that, even by typical private equity standards, CrossFit’s trajectory under their ownership has been disappointing.
Price hikes, stripped-down staff, and superficial marketing changes weren’t enough to address the real problems. As Chris Cooper, founder of Two-Brain Business and a longtime mentor to affiliate owners, put it: the affiliates aren’t the fruit of CrossFit’s tree—they’re the roots. And when you neglect the roots, the entire tree withers, no matter how loudly you celebrate the leaves.
The current sale isn’t about opportunity. It’s about damage control. And it raises an urgent question: Will the next buyer see CrossFit as a brand to exploit—or a community to rebuild?
A New Player Emerges
Recently, a new name entered the conversation. Olympian and CrossFit athlete Shawn Johnson shared on Instagram that she and a group of investors are in talks to purchase CrossFit, with a clear focus on supporting affiliates. It wasn’t a press release or a major media event—just a quiet yet powerful signal that, perhaps, this time, the people who built the brand might be at the center of its future.
The reaction was mixed, as expected. Some expressed cautious hope, while others displayed deep skepticism. “I really hope they lowball the heck out of current ownership,” one commenter wrote. Another responded bluntly: “No need to lowball—affiliates are leaving in droves, and Open participation is down by a third.” The general sentiment? The asking price will likely reflect a company in decline, not one in demand.
According to @known_knowable on Instagram, there’s speculation that the number of paying CrossFit affiliates may be closer to 8,000, not the 9,800+ often cited publicly.
Around 1,800 gyms reportedly remain on the map despite having an apparently expired affiliation and no longer paying fees.
At the same time, long-time figures in the space are raising questions about the integrity and consistency of competition standards. The drop in Open participation and rising concerns aren’t isolated complaints—they’re part of a broader pattern showing just how far confidence in HQ has slipped.
Compare that to HYROX. In March 2023, the brand had 800 affiliates. This year, they’ve surpassed 7,000, backed by partnerships with major chains like PureGym, F45, Fitness Park, and GymNation. HYROX is being positioned as the next big thing. They’ve stepped into the space CrossFit once owned and are capitalizing on the instability.
While the specifics of CrossFit’s financials aren’t public, many in the community believe EBITDA—the company’s core profitability—is likely negative. If that’s the case, the next buyer won’t just need deep pockets. They’ll need to rebuild the foundation.
Redditors speculated that a smart deal structure would likely involve an asset purchase rather than an equity acquisition—allowing the buyer to take on the brand, trademarks, and digital content while leaving behind any major liabilities, including potential litigation. “Nobody in their right mind would assume that kind of open-ended liability,” one affiliate and lawyer noted. Still, CrossFit holds real assets: over 100 registered trademarks, a library of content, licensing infrastructure, and decades of community-built value. It’s not nothing.
There are also concerns about how any new ownership group—especially one involving investors or affiliate buy-in—would function effectively. “Too many hands in the cookie jar,” one commenter said. Others pointed out the sheer difficulty of aligning over 9,000 independent business owners under a single unified strategy.
Still, the fact that conversations are happening is a sign of life. And for many, that’s enough to hold onto a little hope. If the next buyer keeps affiliates at the center—and backs that up with real support, not just marketing—it could signify the beginning of a true turnaround.
It remains unclear whether a change in ownership will lead to real change on the ground. However, for many gym owners, even the possibility of something better is enough to pay attention.
The Front-Runner
Despite the rumblings and rumors, according to The New York Times, the front-runner is BeSport, a Swiss holding company with Saudi ties and existing connections to CrossFit through brands like Northern Spirit and Hustle Up. Florian Jullien, president of BeSport, told the Times it was “too early to talk about this,” but didn’t deny a potential deal.
That was enough to get the internet talking.
Reddit lit up with speculation. “They sure aren’t buying a cash flow business,” one commenter said. “They want to promote the competitive side.” The conversation circled the same idea: this isn’t about affiliates. It’s about the Games. The platform. The spectacle. And if that’s the direction, it won’t bring the brand back to life—it’ll just pull it further from what made it matter in the first place.
What CrossFit Has Been Selling & What It’s Missing
CrossFit’s business has never been particularly complicated. Its core is built on certifications, affiliate fees, and sponsorships. The methodology—the workouts, the philosophy, the culture—has always been free. That was part of its appeal. You did not need a subscription or a gated app (did those even exist?). You simply needed curiosity and a little grit.
The certifications provided aspiring coaches with a clear path forward. The affiliate license offered them a recognized name to build under. And for a while, the Games created global visibility, drawing attention that trickled back down to local gyms.
But somewhere along the way, the gap between coaching and ownership was left unaddressed. The brand assumed that good coaching would naturally lead to strong businesses. While some affiliates managed to figure it out, most were left without clear guidance on how to price, retain members, or build systems. Coaching was taught; business wasn’t.
The affiliate model wasn’t broken because the workouts stopped working; it failed because the business behind it was never built. That’s the gap no owner has closed—yet.
Who Should Buy CrossFit?
It’s easy to list potential buyers. It’s harder to imagine who could do it right.
Another private equity firm could swoop in, raise fees again, slap a fresh coat of marketing paint on the Games, and repeat the same slow bleed. A Saudi investment group could bring money and spectacle—but maybe not the understanding or respect for what CrossFit truly is. Greg Glassman could make a dramatic comeback, but he brings baggage that could hinder any hope of rebuilding trust. Rogue Fitness is also floated in speculation—a company with deep ties to the CrossFit world, but one that has remained strategically silent through all this.
The truth is that saving CrossFit requires more than just money; it requires vision. It needs someone who understands that affiliates aren’t customers—they’re the brand. This person must be willing to invest in gym owners first, recognizing that if you build up the people on the floor, everything else will follow.
Maybe that’s Shawn Johnson’s group. Maybe it’s someone still waiting in the wings. However, if the next owner focuses solely on media rights, the Games, or monetizing the logo, CrossFit will continue its slow fade into irrelevance.
The Real Endgame
CrossFit doesn’t need a savior. It needs a steward.
The workouts still work. The community is still passionate. The idea that changed so many lives is still alive in thousands of gyms around the world. However, for the first time in a long time, the future of CrossFit hinges on something simple but easily forgotten: whether anyone is willing to put the affiliates first.
It won’t be the size of the next Games arena that decides CrossFit’s fate. It will be the health of the thousands of gyms that still open their doors each morning, coach the scared beginner through their first workout, and quietly change lives without fanfare.
Fix that—and the brand will be unstoppable again.
Ignore it—and no amount of marketing spin will matter.
The affiliates aren’t the end of the story. They’re the beginning.
And the next owner would be wise to remember that.
Your Gym Runs on More Than Workouts
CrossFit’s future might be uncertain, but your gym’s doesn’t have to be. Kilo gives affiliate owners the tools to streamline operations, grow revenue, and stay in control, no matter what’s happening at HQ.
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