Job search
Job Search
Latest news
More news: (showing 1 - 20 of 13741)           
UK only International

Tennis legend Andre Agassi joins Life Time as company announces record revenues

By Kath Hudson    29 Feb 2024
Andre Agassi has joined Life Time to develop pickleball / shutterstock/Photo Works
Andre Agassi joins Life Time as inaugural chair of its new Pickleball and Tennis Board
Company plans to invest in pickleball, America’s fastest growing sport
EBITDA up by more than 90 per cent for the year
Member engagement is up along with revenues

In the same week as tennis legend, Andre Agassi, was appointed to the board of Life Time, the company has released strong year-end results, achieving record revenues and EBITDA.

Total revenue increased 18.2 per cent to US$558.8 million (€516 million, £442 million) for the fourth quarter and 21.6 per cent to US$2,216.6 million (€2047.5 million, £1754 million) for the year.

Adjusted net income increased to US$38 million (€35 million, £30 million) for the fourth quarter and US$129.7 million (€120 million, £102.62 million) for the year.

Adjusted EBITDA increased 28.7 per cent to US$137.7 million (€127 million, £109 million) for the fourth quarter and 90.6 per cent to US$536.8 million (€119.8 million, £425 million) for the year.

Bahram Akradi, founder, chair and CEO, is delighted with the results, saying: "We set record levels of revenue and adjusted EBITDA, improved our balance sheet and further reduced our net debt leverage ratio.”

Thanks to some strategic programming initiatives, member engagement also improved. “We increased average visits per membership to 135/year, compared to 124/year in 2022 and most notably, 108/year in 2019 before the pandemic. The increase is a clear indication that our members are more engaged, with higher retention as a key outcome,” said Akradi.

“We're off to a great start in 2024 and expect to build on our progress and success this year by executing our plan to be free cash flow positive after all capital expenditures beginning in the second quarter, further improving our balance sheet, reducing our net debt leverage ratio to 2.0 x by 31 December, and continuing to grow our revenue and adjusted EBITDA."

The company currently operates 171 athletic country clubs across the United States and Canada. Eleven were opened last year, with nine to 10 planned for this year.

Agassi – who won eight Grand Slam titles and an Olympic gold medal during his tennis career – is the newly appointed inaugural chair of Life Time's newly formed Pickleball and Tennis Board. Pickleball is the fastest growing sport in the US and will feature strongly in Life Time’s future plans.

In 2021, Akradi made the commitment to become the nation's leader in pickleballcourts and programming. It now operates 630 courts at 130 of its clubs – with more to come. It also has some 260 tennis courts across nearly 30 of its athletic country clubs.

Agassi’s vision for his new role includes expanding accessibility to racquet sports for all ages and experience levels; developing innovative programming, clinics, events and tournaments and building a community of racquet sports enthusiasts who will connect on and off the court.

"I strongly support the ongoing growth of tennis and pickleball and could not be more excited to partner with Bahram and Life Time as we work to elevate these sports as a staple element for millions of people living healthy, active and happy lives," said Agassi.

Akradi says: “Having Andre lead our Life Time Pickleball and Tennis Board is a true honour. Together, I foresee endless possibilities for the impact we will have in the racquet community."

Life Time  Andre Agassi  Bahram Akradi  pickleball  tennis  country clubs 
Sign up for FREE ezines
Related news
Sports jobs

Recreation Assistant (Dry Site)

Everyone Active
Salary: Competitive
Location: Market Rasen

Party Leader

Everyone Active
Salary: Competitive
Location: Gainsborough

Cleaning Assistant

Everyone Active
Salary: Competitive pay rates
Location: Gainsborough

Duty Manager

Everyone Active
Salary: Competitive
Location: Gainsborough

Duty Manager

The Pickaquoy Centre
Salary: £30,000pa + local Govt pension + attractive benefits package
Location: Kirkwall, UK

Team Leader (Harrow School Fitness Club)

Harrow School
Salary: £13.71 per hour
Location: Harrow on the Hill, Harrow, UK

Centre Manager (Leisure)

Exeter City Council
Salary: £40,221 - £42,403pa + pension + benefits
Location: Exeter, UK

Director of Operations

Active Luton
Salary: £61,000 - £64,000 + exceptional pension + excellent benefits
Location: Luton, UK

Fitness Motivator

Everyone Active
Salary: Competitive
Location: Lutterworth
recruiting with sports management

Recreation Assistant/Lifeguard (NPLQ required)

Everyone Active
Salary: 9.50 ph
Location: Lutterworth

Membership Manager

University of Warwick
Salary: £29,605 - £32,982pa + pension + benefits
Location: Coventry, UK

Recreation Assistant

Everyone Active
Salary: Competitive salary
Location: Wigston

Swim Teacher

Everyone Active
Salary: Competitive
Location: Shipston-on-Stour

Swim Teacher

Everyone Active
Salary: Competitive
Location: Shipston-on-Stour

Chief Executive Officer, Mount Batten Centre

Mount Batten Group
Salary: c£65,000pa + pension + benefits
Location: Plymouth, UK

Swimming Teacher

Everyone Active
Salary: Competitive rates of pay
Location: Rickmansworth, UK
recruiting with sports management

Swimming Teacher

Everyone Active
Salary: Competitive rates of pay
Location: Watford, UK
Swimming Teacher jobs  duty manager jobs  Team Leader jobs  Swim Manager jobs  general manager jobs  recreation assistant jobs 
More jobs

Company profile

Company profile: ukactive
ukactive is the UK’s leading not-for-profit membership body for the physical activity sector, bringing together more than 4,000 member organisations and partners in our shared ambition to get More People, More Active, More Often.
View full profile >
More company profiles

Featured Supplier

Sibec EMEA to blend fitness with luxury at Fairmont Monte Carlo
Experience the pinnacle of fitness and luxury at the premier industry event, Sibec EMEA, set against the breathtaking backdrop of the Fairmont Monte Carlo this Autumn.
View full details >
More featured suppliers

Property & Tenders

Location: Loughton, IG10
Company: Knight Frank
Location: Grantham, Leicestershire
Company: Belvoir Castle
Location: Verwood, Dorset
Company: AVISON YOUNG
Location: Hall Place House, Bexley, DA5 1PQ
Company: London Borough of Bexley
Location: 15 Concessions across the nation's forests
Company: Forestry England
More properties & tenders

Diary dates

10-12 May 2024
China Import & Export Fair Complex, Guangzhou, China
23-24 May 2024
Large Hall of the Chamber of Commerce (Erbprinzenpalais), Wiesbaden, Germany
30 May - 02 Jun 2024
Rimini Exhibition Center, Rimini, Italy
08-08 Jun 2024
Worldwide, Various
More diary dates