{"id":287993,"date":"2025-11-12T23:15:09","date_gmt":"2025-11-12T23:15:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/287993\/"},"modified":"2025-11-12T23:15:09","modified_gmt":"2025-11-12T23:15:09","slug":"wade-diebner-mark-mastrov-allegedly-enter-into-agreement-to-acquire-crossfit-llc","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/287993\/","title":{"rendered":"Wade Diebner & Mark Mastrov Allegedly Enter into Agreement to Acquire CrossFit, LLC"},"content":{"rendered":"

Wade Diebner and Mark Mastrov are leading a group who are allegedly under contract to acquire CrossFit. Mastrov is the co-founder and former CEO of 24 Hour Fitness while Wade Diebner is hedge fund investor in Silicon Valley. This news stemmed from a suspicious article posted by an new (and anonymous) account on Reddit last week.\u00a0<\/p>\n

However, an interview with Diebner by Matt Davis of Hybrid Fitness Media<\/a> and additional social media interactions appear to confirm the initial Reddit post.<\/p>\n

\"Frog Use code \u2018SPIN\u2019 and save 15%!
\nREDDIT POST<\/p>\n

On November 10, a new account on Reddit by the name of u\/WorldFitNews on posted a press release from November 6. The post was titled, \u201cRumors Ignite the Fitness World: Legendary Mark Mastrov and Investor Powerhouse Wade Diebner Set to Acquire CrossFit with A-List Celebrity Firepower!<\/a>\u201c.<\/p>\n

The Reddit post has received zero comments or likes as of the publication of this article.<\/p>\n

\"\"<\/p>\n

Hybrid Fitness Media Interview<\/p>\n

This morning, Hybrid Fitness Media published an article where Matt Davis interviewed Diebner about the rumor that he was involved with the potential acquisition of CrossFit, LLC.<\/p>\n

According to Davis\u2019 article on the Hybrid Fitness Media website<\/a>, Diebner told Davis that the group entered into a 90-day exclusivity agreement last week and that closing would be targeted for late January 2026.<\/p>\n

Diebner went on to say that they are the only group remaining with viable funding and an operating plan.<\/p>\n

The Hybrid Fitness Media article goes on to say that the buyers are represented by Houlihan Lokey<\/a>, an investment bank based out of Los Angeles.<\/p>\n

As for who leaked the news, Diebner told Hybrid Fitness Media<\/a> that they believe it was leaked by insiders within the company (likely either CrossFit or Berkshire Partners).<\/p>\n

X (or Twitter)<\/p>\n

World Fit News also created an account on X<\/a> (formerly Twitter) this month. On November 10, the account shared the Reddit post.<\/p>\n

Similar to actual Reddit post, it seemingly has not received much interaction\u2026except for one retweet.<\/p>\n

World Fit News\u2019 only follower, Excapsa Group<\/a>, retweeted the post.<\/p>\n

Guess who is associated with the Excapsa Group? If you guessed Diebner, you\u2019re correct.<\/p>\n

\"\"<\/a>Use code \u2018SPIN\u2019 to save 10%
\nDiebner, Excapsa Group & LinkedIn<\/p>\n

According to Diebner\u2019s LinkedIn account<\/a>, he is the\u00a0Founder and Managing Partner of Excapsa Group.\u00a0<\/p>\n

\"\"<\/p>\n

Then, on Diebner\u2019s LinkedIn page he shared the World Fit News tweet with the caption, \u201cNo comment.\u201d<\/p>\n

\"\"<\/p>\n

Excapsa Group is a \u201chybrid investment firm to provide exclusive consulting services and Capital raising for Funds, Companies and Projects as well as investing directly into companies with our own Capital,\u201d per Diebner\u2019s LinkedIn page.<\/p>\n

Other Buyers?<\/p>\n

Since the news was announced that Berkshire Partners were looking to sell CrossFit, LLC, Malek Chenia, founder of BeSport, was rumored to be in talks to acquire the company. There were apparently other parties interested, but it appears that those, including Chenia, are no longer in the running.<\/p>\n

Last month Rich Froning, Sr., shared that members of Berkshire Partners visited Cookeville<\/a>, Tennessee, to meet with Rich Froning. It is unclear what the purpose of the meeting was. Could it have been to discuss this new group led by Diebner and Mastrov?<\/p>\n

Mastrov & 24 Hour Fitness<\/p>\n

As for Mark Mastrov, he co-founded 24 Hour Nautilus. Following the opening of that gym, Mastrov and his partner opened and acquired fitness chains throughout Europe. In 2000, it became known as 24 Hour Fitness.<\/p>\n

Then, in 2010, Mastrov partnered with Madonna to create Hard Candy Fitness.<\/p>\n

In 2013, Mastrov became a part-owner in the Sacramento Kings and in 2015 he founded an e-sports company, NRG Esports.<\/p>\n

Berkshire Partners<\/p>\n

Berkshire Partners, in partnership with Eric Roza, acquired CrossFit, LLC, in 2020, for a rumored $200 million.<\/p>\n

Then, in March 2025, Don Faul, CrossFit\u2019s CEO, announced that Berkshire Partners had engaged Moelis & Company<\/a> to officially solicit offers from parties interested in acquiring the company.<\/p>\n

So What Next?<\/p>\n

According to the Hybrid Fitness Media article, Diebner and Mastrov\u2019s group have 90 days to conduct its due diligence, including reviewing financials.<\/p>\n

If all checks out, it appears that we could see an official sale of CrossFit in January 2026.<\/p>\n

\u00a0<\/p>\n