CrossFit may be headed for a major structural change as private equity interest in the company grows.
In the latest episode of The Sevan Podcast, host Sevan Matossian reported that TPG — a global investment firm with over $100 billion in assets under management — is now a possible bidder in the ongoing effort to purchase CrossFit LLC.
According to Matossian, TPG’s interest could signal a move to separate the CrossFit Games from the training and affiliate business, a strategy often used in private equity to maximize value.
Jump to:
Recapping CrossFit’s Ownership Timeline
The conversation builds on years of change following the 2020 sale of CrossFit by founder Greg Glassman. That sale came in the wake of a controversial tweet that led to intense backlash from the affiliate and athlete community. Glassman accepted an offer from Berkshire Partners, with Eric Roza stepping in as CEO and the face of a hopeful new era.
Roza’s role was soon reduced — he transitioned from CEO to Chairman of the Board — and leadership has changed several times since, with five CEOs having served between 2020 and 2024. Matossian highlights this turnover as evidence of persistent internal instability within CrossFit under Berkshire’s ownership.
Ongoing Bidding and Potential Buyers
The possibility of a sale was confirmed earlier this year when CrossFit CEO Don Faul acknowledged the company was actively “fielding bids.” That followed Matossian’s initial report that BPORT, a group reportedly led by longtime CrossFitter Malik, had made an offer.
The BPORT group’s interest appeared focused on long-term investment in the affiliate model and training infrastructure — emphasizing continuity with CrossFit’s community-driven origins. Notably, Matossian mentioned that Malik has been involved in CrossFit since at least 2013 and had been assembling a team with community credibility, including Rich Froning and possibly Daniel Chaffee in a leadership role.
TPG’s Entry: A New Direction?
The latest development centers on TPG, a well-established investment firm based in San Francisco and Fort Worth. In The Sevan Podcast, Matossian pointed to the recent launch of TPG Sports, a new division within the firm dedicated to investing in emerging sports ventures with a media and entertainment focus.
According to TPG’s announcement, the firm is partnering with professional golfer Rory McIlroy and his team at Symphony Ventures to identify and scale promising sports platforms. Their goal is not traditional league ownership, but investment in up-and-coming sports properties that can grow through media, branding, and digital engagement.
This raises the possibility that TPG’s interest in CrossFit may focus specifically on the CrossFit Games — the sport’s flagship event and media property — rather than the affiliate or education side of the business.
Could CrossFit Be Split?
In the podcast, Matossian speculated that Berkshire could look to split CrossFit into separate parts: one for sport (e.g., the Games, media rights, and the “Fittest on Earth” branding), and one for training and affiliates (i.e., gym licensing and coaching education). This is a common strategy in private equity, especially when different segments of a business offer distinct revenue opportunities.
For example, the sport could be packaged and sold to a buyer like TPG, while the affiliate model could be sold to another party — such as BPORT — or retained. This modular approach may allow Berkshire to increase the overall sale value.
Implications for the Community
While the potential split is speculative, Matossian noted it could have meaningful consequences for both athletes and gym owners. A separate sport entity under TPG might emphasize media and viewer engagement, potentially altering how competitions are structured or monetized.
Meanwhile, the affiliate community could face continued uncertainty. Recent marketing from CrossFit HQ has raised concerns among affiliate owners about the direction and quality of core offerings, such as the Level 1 (L1) course. Matossian referenced recent L1 ads as “the worst thing I’ve seen,” suggesting that a lack of clarity and investment in core education may already be impacting the brand’s foundation.
Where Things Stand Now
At the time of the podcast recording, Matossian reported that:
- Malik and BPORT are still believed to be in the running, though timelines around their initial offer may have lapsed.
- TPG is now considered a serious bidder, especially for the sport component.
- Other rumored bidders — including Red Bull and the World Fitness Project (WFP) — have not submitted credible or competitive offers based on current information.
- No final decisions have been made, and Berkshire has not publicly confirmed any sale agreements.
Looking Ahead
While many details remain uncertain, the interest from TPG adds a new layer to the ongoing story around CrossFit’s future. Whether the company remains whole or is divided into distinct business units could shape the evolution of the sport and the global affiliate network in the years ahead.
Sevan Matossian promised continued updates on his podcast as more information becomes available. For now, CrossFit affiliates, athletes, and fans are left waiting — again — to see who will take the reins, and what vision they’ll bring with them.
