Peloton launched its much-anticipated rowing machine as it seeks to reverse a long-term slide.

The Peloton Row, which starts at $3,195, is available for preorder with deliveries slated to begin in December. The price tag places the Row near the top of the rowing machine market.

“It is truly a premium experience, and it’s priced as a premium experience,” said Peloton co-founder and chief product officer Tom Cortese.

• The rower requires a monthly $44 membership to Peloton’s exercise classes and programs. Users who already have a Peloton Bike, Tread, or Guide may use a single membership across the devices.
• Peloton is touting the machine’s real-time feedback, quiet operation, and stowability (using an included wall mount).

Rowing Upstream

The company is hoping the Peloton Row can reverse its fortunes after a challenging year.

Earlier this month, it announced that co-founder and former CEO John Foley and co-founder Hisao Kushi would be resigning from their respective roles as executive chairman and chief legal officer.

Last month, Peloton said it would eliminate 784 jobs, close brick-and-mortar locations, and raise prices on its most expensive products. The company is outsourcing its delivery services and adjusting products so that users may assemble them without assistance.

Peloton reported $678.7 million in revenue for the fiscal quarter ending June 30, down 28% year-over-year. In August, Peloton said it would submit its annual 10-K filing after the SEC deadline due to complications related to its restructuring effort.

While one Chicago team has a foot out the door, another is doubling down on the Windy City.

Major League Soccer’s Chicago Fire is weighing its options, but team president Ishwara Glassman Chrein said the team will not be following the Chicago Bears to Arlington Heights.

• Both teams currently play at Soldier Field, which is owned by the Chicago Park District.
• Glassman Chrein said that the team could build a soccer-specific stadium in Chicago.
• The Fire could also remain at Soldier Field, either as the secondary tenant or the primary one if the Bears migrate.

The city is leasing around 26 acres of land originally tagged for public housing to the Fire to build an $80 million practice facility. The team has incorporated housing units into its site development plan.

Bears on the Move?

While Soldier Field has been home to the Bears since 1971, it may soon lose them as tenants. Last year, the team purchased a 326-acre property in Arlington Heights, a suburb northwest of the city, for $197.2 million.

Chicago mayor Lori Lightfoot has sought to explore constructing a dome atop Soldier Field and growing its capacity to 70,000 from 61,500 in an attempt to keep the team and allow the city to host major events like the Super Bowl.

Two sports executives are deepening their roots in the industry through the creation of an investment firm.

David Abrams and Arne Rees have co-founded Velocity Capital Management, a firm planning to invest up to $50 million in early-stage companies in the sports, media, and entertainment sectors with enterprise values of up to $2 billion. 

• Abrams is an owner of the Premier League’s Crystal Palace and a former private equity partner of Philadelphia 76ers and New Jersey Devils owner Harris Blitzer Sports & Entertainment. 
• Rees was previously the U.S. CEO of Sportradar and has spent time at ESPN and UEFA.

“For now we are focused primarily on growth-stage companies,” Abrams said. “These are companies where we will likely take a non-control investment, but want to play an active role as an advisor or on the board.”

Velocity has already closed on its first investment in family experience company Camp NYC.

Funding Friends

Velocity has received capital from several investors including Delaware North, RWN Management, Remington Ellis, and Bolt Ventures, among others.

Delaware North has investments in more than 50 entertainment and sports venues, sports betting sites, and the Boston Bruins, while RWN Management is the family office of Apollo Global Management’s co-founder Marc Rowan. Abrams was previously a partner at Apollo.

Iowa State is the latest school to level up with a game-changing construction project.

The school has unveiled plans to build a $200 million entertainment and retail development between its football stadium and basketball arena. 

“Our goal has been to develop something unique to Ames while helping our community support, attract, and retain students, businesses, visitors, and new residents,” said athletic director Jamie Pollard.

• The development will be called CYTown and located on a 3-acre site.
• It will have an amphitheater, luxury suites, a public plaza, retail, and office space.
• The project is pending approval from the Iowa Board of Regents.
• It will be funded mostly from “land monetization opportunities,” per Iowa State. 

CYTown, which has a target completion date of August 2025, will be part of a development project at Iowa State that included $60 million in upgrades to the Stark Athletic Performance Center. 

The 130,000-square-foot facility is the main academic and training resource hub for Iowa State athletes.

The school has also spent $50 million to build the Sukup End Zone Club at Jack Trice Stadium and $30 million for the facility’s Albaugh Family Plaza and Concourse, among other upgrades. 

Not Alone

Florida officially opened its new $85 million football headquarters in August. The 142,000-square-foot facility has a state-of-the-art locker room and training center.

Boise State also announced more than $300 million in future renovations to the Athletics Master Village — the school’s main football complex. As part of the upgrades, the complex will receive a new weight room, dining hall, and “premium” seating.