Let’s Do This, the registration platform used by Ragnar participants, has joined Belgian company Golazo as a proposed lender to Ragnar during FitLab’s Chapter 11 bankruptcy.

A revised court filing submitted November 5 names SBAR Endurance, Inc. alongside Golazo in the proposed financing. Let’s Do This’s terms of service identify SBAR Endurance Inc. as the company U.S. users contract with, and UK company records list Let’s Do This co-founders Sam Browne and Alex Rose as directors of its UK affiliate, SBAR Endurance Ltd. At a hearing that morning, FitLab’s attorney confirmed that a second Ragnar lender had been added.

The proposed financing is intended to help fund Ragnar’s operations while a sale of the business is pursued. The judge said she was prepared to approve the financing on an interim basis once a revised order was submitted.

How Much Money Would Ragnar Receive?

At the hearing, FitLab attorney Thomas Francella said Golazo and SBAR would provide up to $489,250 for the Ragnar companies, with up to $350,000 available during the interim period.

The financing request also includes a proposed loan of up to $5.15 million from Grizzly Investment Group for FitLab’s other businesses, including Assault Fitness. Grizzly was formed by Rod Trujillo, a member of certain FitLab company boards and an insider of the company.

Both loans are known as debtor-in-possession, or DIP, financing. That is money a company borrows while operating through Chapter 11.

Could Let’s Do This and Golazo Buy Ragnar?

The proposed terms include a December 9 milestone for Ragnar and its lenders to enter into a “stalking horse” agreement. A stalking horse bid provides an opening offer in a sale process, with other potential buyers given an opportunity to compete.

The filing also says the Ragnar lenders are not guaranteed to be selected as the opening bidder or the eventual buyer.

If the Ragnar lenders or their designee are not selected and approved as the stalking horse, the proposed order says the selected stalking horse would have to refinance and repay the Ragnar loan. The lenders would not have to advance more money.

At the hearing, Judge Karen B. Owens asked whether the Ragnar lenders were the parties that had been expected to buy Ragnar before the bankruptcy filing. Francella said he believed that was correct and deferred to FitLab Chief Restructuring Officer Nicholas Rubin.

Rubin’s answer was not clear on the call, so it remains unconfirmed whether Golazo and SBAR are the previously unnamed buyers.

What About Registration Money?

Ragnar directs participants to use Let’s Do This for race registration.

FitLab’s draft budget projects no Ragnar receipts through January 24, 2027, as Hybrid Fitness Media reported November 4. The budget lists $475,000 in Ragnar operating expenses over the same period.

The budget does not explain why no registration revenue is projected or where registration payments are being held. The revised financing filing does not explain why SBAR joined the lender group or what role Let’s Do This would play if the group buys Ragnar.

Hybrid Fitness Media has asked Let’s Do This and the Ragnar lenders’ attorneys for comment.

What Did the Judge Decide?

At the end of Thursday’s hearing, Owens said she understood the need for the financing and was prepared to enter an interim order once a revised version was submitted. She requested a change to the language governing the timing of an emergency hearing if a lender seeks to exercise its remedies.

The judge also said she would approve the arrangement on the record in the meantime if the lenders were comfortable advancing money before the written order was entered. It was not clear from the hearing whether they had advanced funds.

A final hearing on the financing will be scheduled later. At Thursday’s hearing, the parties discussed December 7 and December 14 but did not settle on a date.

What Does This Mean for Ragnar Races?

The proposed Ragnar financing is intended to support the three Ragnar companies during the bankruptcy case. The proposed terms also list cancellation of a planned race or event as a loan default, though that provision does not guarantee that a race will take place.

In an earlier message to participants, Ragnar CEO Philip LaHaye said the company’s focus was on holding Ragnar Trail Arizona and Ragnar Trail Florida to complete the 2026 season. He also said Ragnar expected to release its 2027 calendar and registration details soon.

The filings reviewed by Hybrid Fitness Media do not explain how refunds for canceled events will be handled.

The meeting of creditors, where a FitLab representative will answer questions under oath, is scheduled for November 23 at 1 p.m. Eastern.

Hybrid Fitness Media will continue to follow the case and update this story.