Lululemon could be looking to offload one of its biggest assets. 

Bloomberg reports that the activewear giant is working with an advisor to garner interest in Mirror, the at-home fitness equipment company it bought in 2020 for $500 million. 

Lululemon jumped on 2020’s pandemic-driven at-home fitness boom to buy Mirror — which makes an interactive screen for streaming workout videos. 

But in a March 2023 earnings call, the company admitted that “since our [Mirror] acquisition, the at-home fitness space has been challenging. While members love our content, hardware sales did not match our expectations.”

Lululemon’s year-over-year total revenue increased 30% to $2.8 billion in 2022, but the company took $443 million in impairment charges related to Mirror in the fourth quarter.

“We are pivoting away from the hardware-centric business that we acquired to also focus on a more efficient app-based model,” Lululemon said in its Q4 2022 earnings call. 

Mirror’s struggles are on par with other hardware-focused fitness companies as customers inch back toward pre-pandemic levels of gym visits. Peloton’s stock has dropped about 92% over the past two years, while Tonal’s valuation has decreased by about $1 billion since 2021.

The reigning Premier League champs are making room for more fans — and possibly boosting the U.K. and Ireland’s chances to host the 2028 Euros.

Manchester City submitted plans for a $372.6 million renovation of Etihad Stadium, including a capacity increase from 53,400 to around 61,000. 

The plans include: 

• An upper tier on the north stand, with a sky bar and roofwalk above
• A covered “City Square” fan zone with food and drink outlets
• A new club shop and museum
• A 400-bed hotel
• A workspace for startups and mid-sized organizations working with Manchester City, team owner City Football Group, and Etihad Campus partners.

City said that the renovations will take up to three years and create 2,600 jobs.

The renovations could also bolster the U.K. and Ireland’s joint bid to host the 2028 UEFA European Championship — Etihad is listed as a participating venue. 

Built for the 2002 Commonwealth Games, the stadium has been home to Manchester City since 2003. 

Trouble in the Neighborhood

Meanwhile, Manchester United fans and investors are reeling from the news that Joel and Avram Glazer may retain control of the club, despite a lengthy, ongoing sale process.

The team’s stock plummeted 13.8% from Friday night to early Monday before partially recovering on Tuesday.

New York City’s first soccer-specific stadium is becoming a reality.

New York City FC has selected HOK as architect and Turner Construction Company as general contractor for a 25,000-seat stadium in the Willets Point neighborhood of Queens. The project is expected to cost $780 million and be completely privately funded.

NYCFC is working with the Queens Development Group to build up the surrounding area, including 2,500 units of affordable housing, a 650-seat new public school, a hotel, and open recreation space.

With the city on board — to the tune of a 49-year, $4 million-per-year lease — and the architect and contractor selected, the club can begin the process of breaking ground on the stadium, which is expected to be ready in time for the 2027 MLS season.

The team will forgo real estate taxes as part of its deal with the city.

HOK has previously designed Mercedes-Benz Stadium in Atlanta, Hard Rock Stadium in Miami, and Little Caesars Arena in Detroit — as well as the brand-new CityPark, home to MLS’ St. Louis SC.

NYCFC has been searching for a permanent home since its founding in 2013. The club primarily plays matches at Yankee Stadium in the Bronx, but has played games across the New York metro area, including at Citi Field in Queens and Red Bull Arena in New Jersey.

A basketball league aspiring to be the second-biggest in the world is getting a boost from an NBA star.

Toronto Raptors small forward Ogugua “O.G.” Anunoby Jr. is buying a minority stake in the London Lions, a private-equity-owned team in the emerging British Basketball League that became the first British team to qualify for the EuroCup playoffs earlier this month.

U.K. basketball is still in its fledgling stages, with private-equity firm 777 Partners working to fuel the league’s rise.

“It blows our mind that basketball isn’t bigger in London, and we know the reasons why,” Juan Arciniegas, 777 managing director, told Front Office Sports, citing a lack of government investment.

Anunoby became the first British player to win an NBA championship with the Raptors in 2019.

“I just want to do my part as a role model to all the young hoopers in London and across the entire U.K.,” he said.

777 seeks to fill an investment gap left by the U.K. government while uplifting minority communities in London. A 2019-2020 survey found that 47% of British people who play basketball are non-white — far more than other sports. 

Basketball Africa Investment

The British Basketball League is playing catchup to the NBA-backed Basketball Africa League, which launched in 2021. Retired players Grant Hill, Dikembe Mutombo, Luol Deng, Joakim Noah, and Junior Bridgeman featured among initial investors at a $1 billion valuation.

The league, in its third season, features 12 teams, each from a different African nation.