September 10, 2026

Equinox Targets New Capital, Athletic Brewing Adds NFL Stars, SNAP Cuts Soda

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Fitness is getting financed, sports are driving beverage brands, and policy is starting to change what people buy.

Equinox tackles debt

Equinox is in advanced talks to refinance $1.8B in debt and restore cash flow.

  • Owner Silver Lake and Related are negotiating a deal that would reduce the luxury gym chain’s borrowing costs and help fund new clubs and renovations.
  • The potential refinancing comes as the business returns to its core high-end fitness model and new locations exceed investor expectations.

For Silver Lake, the deal is also a bet on continued growth rather than an exit.

Athletic bets on the NFL

NFL quarterbacks Drake Maye and Dak Prescott are joining the non-alcoholic beer brand as athlete-owners.

  • The multi-year partnerships include marketing campaigns for Athletic, starting with its new “Athletic Fits” campaign.
  • The move adds two high-profile athletes to a brand already deeply embedded in sports. Athletic says its products are sold at more than 75K retail locations and that it holds more than 50% of the US non-alcoholic craft beer market.

Maye and Prescott also bring something beyond endorsement value: equity ownership and a direct stake in the growth of the category as NA beverages move further into mainstream sports culture.

SNAP cuts soda purchases

Restrictions on buying soda with SNAP benefits led to an estimated 12% decline in sugary drink purchases during the first half of 2026.

  • A new study from researchers at Stanford, MIT, and the University of Chicago looked at the first 10 states to implement restrictions and found recipients did not compensate by buying banned items with their own money.
  • The decline equates to roughly 34 fewer 12-ounce cans of sugary drinks per person each year.

Shaping policy, the findings suggest  that purchasing restrictions can actually change consumption. At least 23 states have now received approval for some form of SNAP restriction, but legal challenges could determine how widely the policies stick.

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