Ragnar participants waiting for news about upcoming races, refunds and the company’s future have more information following new filings in FitLab’s Chapter 11 bankruptcy.

Under a proposed financing agreement, a Belgian company called Golazo would provide up to $489,250 to help fund Ragnar’s operations while a sale of the business is pursued. The proposal also calls for Golazo to potentially make an opening bid for Ragnar, though any sale would be subject to court approval.

FitLab, which acquired Ragnar in 2021, filed for Chapter 11 bankruptcy in October. Chapter 11 allows a company to keep operating under court supervision while it restructures or sells its businesses.

What Happens to the Remaining 2026 Races?

In a now deleted post to Ragnar’s Facebook groups the day after FitLab filed for bankruptcy, Former Ragnar CEO Philip LaHaye said the company’s focus was on putting on Ragnar Trail Arizona and Ragnar Trail Florida to finish the 2026 season.

LaHaye said a new investor group had provided the financial support necessary to deliver seven Ragnar events since mid-August. He called FitLab’s bankruptcy petitions “an important step as we look to transition.”

The proposed loan from Golazo lists the cancellation of a planned Ragnar race or event as a default. That provision does not guarantee the remaining races will take place.

Who Could Buy Ragnar?

FitLab is asking the court to approve the financing from Golazo NV, a Belgian company, or one of its affiliates. The money would be available to three Ragnar companies: Ragnar Events LLC, Ragnar Holdings LLC and Ragnar RTB, LLC.

Golazo is a Belgian sports company that organizes events across Europe, including the Antwerp Marathon and Brussels Airport Marathon.

FitLab’s draft 13-week budget projects no Ragnar receipts through January 24, 2027, and includes $475,000 in Ragnar operating expenses. The budget does not explain why no registration revenue is projected.

The proposed terms include a December 9 deadline for Ragnar and Golazo to enter into a “stalking horse” agreement. A stalking horse bid provides an opening offer for a sale process, giving other potential buyers an opportunity to submit competing bids.

However, the terms also say Golazo is not guaranteed to be selected as the opening bidder or to buy Ragnar. If Golazo is not selected, or its stalking horse bid is not approved, the proposed terms call for the Ragnar loan to be refinanced and relieve Golazo of any obligation to advance more money.

The proposed timeline calls for bids by December 29 and a sale to close by January 24, 2027. The sale process is subject to court approval.

The court is scheduled to hear the financing request on November 5 at 9:30 a.m. Eastern.

How Ragnar Got Here

In a sworn declaration, FitLab Chief Restructuring Officer Nicholas Rubin said FitLab acquired Ragnar in October 2021 for about $9 million in common stock. He said Ragnar brought in more than $20 million a year before the pandemic, but revenue had fallen to about $2 million by the time of the deal.

“Suspended events, spent registration proceeds, and accumulated liabilities created a substantial rehabilitation task,” Rubin wrote. He added that “inherited past-due liabilities were more significant than the diligence had indicated.”

Rubin said event cancellations in late summer 2026 created refund obligations to participants. He said a sale of Ragnar was agreed to before the bankruptcy but had not closed, “although a partner had funded the vast majority of recent race expenses.”

What About Reach the Beach?

Ragnar RTB, LLC filed for Chapter 11 on November 2. Court records show the company is 70 percent owned by FitLab’s Ragnar Holdings and 30 percent by RTB Relay, Inc.

John Mortimer of Millennium Running, which agreed to buy Reach the Beach, told Hybrid Fitness Media that Ragnar RTB was “a separate company set up years ago when the original owners of RTB sold to Ragnar that allowed the owners to have minority ownership on the event under Ragnar’s majority ownership.”

Mortimer said all parties have agreed to the terms of Millennium’s purchase, but that “closing will not happen until FitLabs bankruptcy is final.” He said past-due bills tied to the event will be paid when the deal closes.

Frequently Asked Questions

Will the remaining 2026 Ragnar races happen?

Ragnar says it plans to hold Trail Arizona and Trail Florida, but the filings do not guarantee it.

What about my refund for Road Minnesota or Trail Appalachians?

The filings do not say how refunds for the canceled races will be handled. Rubin said the late-summer cancellations created refund obligations to participants.

In his Facebook group post, LaHaye said Ragnar would contact team captains from those races directly with updates.

Can I file a bankruptcy claim?

Participants owed refunds may have claims in the bankruptcy. Check with FitLab’s proposed claims agent, Stretto, for filing instructions and any deadline. Keep your registration confirmation, receipts and any emails from Ragnar.

Stretto posts case updates at cases.stretto.com/fitlab.

Can I dispute the charge with my credit card company?

Participants who paid by credit card can contact their card issuer to ask about a dispute. Deadlines and rules may apply.

Will there be a 2027 Ragnar season?

LaHaye said Ragnar expects to release its 2027 calendar soon, along with registration details. The filings do not address the 2027 events.

Who will own Ragnar?

That has not been decided. Golazo could make an opening bid under the proposed financing terms, and other buyers would have an opportunity to compete. The sale process is subject to court approval.

What happens to Reach the Beach?

Millennium Running has agreed to buy it, with closing expected after FitLab’s bankruptcy is final.

When is the next public meeting?

The meeting of creditors, where FitLab’s representative answers questions under oath, is scheduled for November 23, 2026, at 1 p.m. Eastern.

We will update this story as the case moves forward.