Ragnar co-founder Tanner Bell says he is working with a group of investors and event industry figures on an interim funding agreement with FitLab that would allow Trail Rainier and Trail Soldier Hollow to proceed this month, alongside a broader effort to acquire Ragnar.

That raises an obvious question: if FitLab’s financial problems include unpaid vendors, missed payroll deposits, lawsuits, tax liens, and high-cost financing, why would its leaders sell Ragnar while keeping the debt?

One possible answer is an asset sale, rather than a purchase of the debt-loaded companies behind Ragnar.

Under that type of deal, a new ownership group could purchase assets such as the Ragnar name, website, race formats, customer lists, intellectual property, and potentially certain future event rights. The existing FitLab or Ragnar entity could remain responsible for obligations already incurred, including unpaid vendors, litigation, tax obligations, and financing agreements.

FitLab’s broader issues extend beyond Ragnar. Hybrid Fitness Media has reported that the IRS filed a federal tax lien against FitLab Inc. for $775,833.28 on July 17, 2023, tied mostly to unpaid quarterly payroll taxes from 2020 through 2022, with two additional federal tax liens filed in 2024. Since March 2026, FitLab has also taken on financing from at least two merchant cash advance lenders, Parkview Advance LLC and Thoro Corp, according to UCC filings. Separately, Hughes-Nelson Painting Inc. sued FitLab for nearly $1 million over unpaid Nike Studios construction work. Assault Fitness’s core equipment lineup is currently listed as sold out on the company’s website, while customers have publicly complained about extended waits for machines.

For FitLab, selling the remaining value of Ragnar could be preferable to continuing to operate an event calendar it may not have the cash to support. A sale could bring in immediate money and remove the costs and risks of operating future events.

But it would not necessarily give a buyer a clean or simple restart.

Ragnar currently has 18 events on its schedule, from Trail Rainier on Aug. 21-22 through Trail Vermont in July 2027. Sixteen of those events are scheduled after August. Each requires cash before race weekend, including venue deposits, permits, insurance, equipment, staff, medical support, local vendors, transportation, and other operating costs.

Two September events have already faced immediate problems. Trail Wisconsin lost its original county contract after Ragnar missed a payment deadline, though a new agreement gives Ragnar until Aug. 28 to submit an advance payment. Reach the Beach in New Hampshire also faces cancellation after state parks and police departments said outstanding bills had not been paid.

Bell has said his group is “very close” on the interim deal and is “finalizing an interim agreement with FitLab that would provide the funding needed for Ragnar Trail Rainier and Ragnar Trail Soldier Hollow to move forward in August as planned.” Even if that agreement holds, it would address only two events. It would not itself fund the remaining calendar or resolve obligations from past events.

There are also legal and practical limits on any attempted sale. Lenders may hold liens on company assets. Existing contracts may not automatically transfer to a new owner. Venues and vendors could decline to work with a successor company while old bills remain unpaid. Creditors could also challenge a sale if valuable assets are transferred for too little while debts are left behind.

Bell has described the broader effort as “a broader agreement to fully acquire Ragnar,” meant to “put the company on stable footing” and “preserve the long-term future of the Ragnar event portfolio.” But by his own account, that deal is not done: “We are not there yet, but we are making meaningful progress.”

Bell’s statement followed two earlier posts from Philip LaHaye, who has described himself as Ragnar’s former general manager and, according to his LinkedIn profile, served as CEO and General Manager of Ragnar Events LLC from March 2024 to May 2026. LaHaye first said a deal could be “agreed in the coming week and closed soon after,” then walked that back roughly two days later, saying the group could not yet offer certainty and was hopeful for “a meaningful update” within 48 hours.

FitLab Co-CEOs Brian Kirkbride and Mike Melby have not responded to repeated requests for comment on Ragnar’s situation. Kirkbride previously disputed Hybrid Fitness Media’s reporting in a direct message, calling it “confidential information, some of which is false and damaging,” but did not respond when asked which specific claims were inaccurate.

Funding two August races through an agreement with FitLab could keep those weekends alive. But until a broader deal closes, FitLab would remain involved in the operation, including the entities, accounts, contracts, and decisions that have been central to Ragnar’s current problems.

A viable long-term rescue would likely require more than a purchase of the Ragnar brand. It would require enough new capital to operate the future calendar, restore trust with venues and vendors, address customer concerns, and separate the next version of Ragnar from the financial failures that put the current one in jeopardy.

Bell has said the acquisition is not yet finalized. Until it is, the proposed rescue remains a plan, not a completed solution.

We have been writing several articles about FitLab and Ragnar, you can find them here.