This article has been updated with the official news from September 8, 2026,

HYROX co-founders Christian Toetzke and Moritz Fürste are expected to regain controlling ownership of the company as part of a transaction that sources say values the fitness racing brand at between $700 million and $1 billion. Sources say the deal, which has been rumored since late May, will close in early September.

In December 2019, Infront, a subsidiary of Wanda Sports Group, made a strategic investment in HYROX. In October 2021, Infront acquired a majority stake in HYROX, increasing its ownership to just over 50%. This move furthered HYROX’s global expansion and strengthened its position within Infront’s fitness portfolio.

Rather than using this new deal to take cash off the table, the two founders are expected to reinvest their proceeds and take on additional loans to increase their combined ownership stake from 40% to 51%, according to sources familiar with the transaction.

The reported structure would leave the incoming investor group(s) with 49% of HYROX.

That is a different outcome than many observers may expect from a deal of this size. A major investment or sale often means founders sell down their ownership, take a substantial payout, and hand more control to outside investors. In this case, sources say Toetzke and Fürste are doing the opposite.

The existing investor is understood to have held 60% of the company before the transaction. The founders’ move from 40% to 51% would give them majority control while also leaving them more financially committed to the company than before.

The deal may not bring the immediate changes athletes, event organizers, and HYROX training partners might expect. The incoming investors will hold a significant stake and will expect growth, but Toetzke and Fürste would retain control of the business and its direction.

That does not mean the company will not change. A valuation in the reported range would bring significant expectations around expansion, revenue, operational execution, and HYROX’s ability to keep growing its event calendar and training-club ecosystem around the world.

Reports of a potential HYROX sale first emerged in May, when Sky News reported that L Catterton, the LVMH-backed private equity firm, was pursuing a stake in the company. Other groups have since been linked to the transaction, but sources familiar with the deal did not confirm the final makeup of the incoming investor group. HYROX has not publicly announced the reported valuation or ownership structure.