With all bids in for Chelsea FC, the decision-making process is expected to quickly produce a new owner.

Though there were as many as 200 interested parties, the number of submitted bids was expected to be more like 10-15. The deadline for offers was Friday.

• Merchant bank The Raine Group, which is overseeing the sale, is expected to reduce the list of potential buyers to a shortlist of up to four bidders early this week.
• Among the most serious bidders are Los Angeles Dodgers co-owner Todd Boehly’s group (a bid near $3.3 billion), New York Jets owner Woody Johnson ($2.6 billion), Saudi Media Group ($3.6 billion), Chicago Cubs owner Tom Ricketts (over $3 billion), and British business owner Nick Candy ($3.3 billion).

The team was seized by the U.K. government after it issued sanctions on previous owner Roman Abramovich over his connections to the Russian government. The sale is expected to be expedited due to the sensitive nature of the situation.

Oaktree Joins In

Asset manager Oaktree Capital made a bid for Chelsea. The firm had $166 billion in assets under management at the end of 2021, $98 billion of which was in credit strategies.

Oaktree owns Ligue 2 club Caen and was one of four private equity firms to bid on a slice of Ligue 1’s media rights.

Another private equity firm, Aethel Partners, said it made a $2.6 billion bid for Chelsea.

Rowing-machine maker Hydrow announced it has raised $55 million in a Series D funding round led by Constitution Capital.

Rx3 Group Partners, Liberty Street, Activant Capital, and Sandbridge Capital also took part in the round, as did LVMH-backed L Catterton — which has also invested in fitness companies Tonal, Peloton, Equinox, ClassPass, Xponential, and Sweaty Betty.

The company’s total funding exceeds $255 million, but Hydrow founder and CEO Bruce Smith says there’s still room for growth, highlighting that the overall penetration of connected fitness compared to the total market is under 10%.

• Last year, the company was reportedly exploring an IPO or going public via SPAC merger at a valuation of more than $1 billion.
• The company’s revenue tripled 2020’s haul in 2021, per CNBC.
• Hydrow counts more than 200,000 users.

Sales of cardio equipment — not just Hydrow’s — grew 95% from 2019 to 2021, totaling $1.5 billion, according to The NPD Group.

Hydrow Goes Hybrid

Smith said the company supports people going back to the gym, but Hydrow is going to “be in your gym in your apartment building. And your home. And that hybrid experience is the new normal going forward.”

He believes that the pandemic will continue to accelerate the at-home fitness demand because “nobody is going back to the office five days a week.”

L.L. Bean reported a 14% increase in annual net revenue to $1.8 billion, which is reportedly the company’s biggest gain since 1993 and adds to last year’s 5% growth.

During the year, L.L. Bean entered the athleisure market, which is estimated to reach $257.1 billion by 2026.

With more than 800 new products, the apparel company recorded double-digit growth in a variety of segments.

• Active apparel: +36%
• Active footwear and hiking footwear: +26%
• Outerwear: +28%
• Winter sports: +25%

L.L. Bean said active apparel growth was driven by its new athleisure offerings. It joins other companies that have recently entered the market including Abercrombie & Fitch, Allbirds, Target, Dick’s Sporting Goods, and Foot Locker.

Spending Habits

CEO Steve Smith highlighted the company’s increased volume of orders from vendors, as consumers’ purchasing habits at the beginning of the pandemic skewed toward outdoor gear.

L.L. Bean also hit an all-time demand record for both men’s and women’s apparel. In return, the company’s board of directors approved a bonus of 20% of annual pay for all employees.

Spartan Race CEO and founder Joe De Sena spoke with Front Office Sports as he crossed from the Slovakia border into Ukraine on Thursday.

In the truck De Sena was riding in were some of the $500,000 worth of supplies delivered to Ukraine by Spartan Race officials since the Russian invasion.

The early runs were led by Spartan Race franchise partners in Slovakia, Czech Republic, Hungary, and Poland. Central and Eastern Europe are among the endurance race series’ strongest markets outside the U.S., and it has an affiliate based in Kiev.

Teams, Leagues Aid Efforts

While international sporting bodies like Formula 1, FIFA, and UEFA have suspended Russian teams from competition, many leagues and teams have also led fundraising efforts to help Ukraine and its 3 million-plus residents who have fled to neighboring countries. 

• The Premier League has donated $1.31 million. 
• Real Madrid has pledged $1.1 million. 
• The Utah Jazz Foundation partnered with Airbnb to provide 32,200 nights of temporary housing for Ukrainian refugees. 
• NASCAR team owner Richard Childress said he’d donate 1 million rounds of ammunition. 

“It’s easier to get into Ukraine than you think because they want the aid,” said De Sena. Among the supplies delivered by the Spartan team: 200 bulletproof vests, food, clothes, and hydration rations.