Fitler Club partners raise $23M from Eagles and NBA athletes, celebs, and Philly elite to create next-generation social club
Summary
David Gutstadt has raised $23 million for a new business and social club in Philadelphia, one he hopes will combine aspects of swanky London-based Soho House, national fitness chain Equinox, and co-working start-up WeWork. Initial backers for the combination club, hotel, co-working space, events site, and foundation consist of Gutstadt, investor Michael Forman, NBA and Navy veteran David Robinson, Philadelphia Eagles tight end Zach Ertz and U.S. Women’s soccer player Julie Ertz, actress Holly Robinson Peete and former NFL quarterback Rodney Peete, Eagles’ Brandon Graham, and former NBA players Baron Davis, Grant Hill, and Shane Battier. Admiral Capital, founded by Robinson and Daniel Bassichis, a former Goldman Sachs analyst, were looking for deals with ties to sports, real estate, and hospitality, and “what we’re doing with the Fitler Club isn’t just programming but mission-driven, being part of the community and philanthropy. Other bold-faced names who joined include Philly’s elite such as Gutstadt’s father-in-law and real estate magnate Carl Dranoff, developer David Adelman, banker Richard Green, and Justin Tuck, the former New York Giants player and Wharton grad. As for its mission and philanthropy, Gutstadt said all members will contribute $250 of their initiation fee into the Fitler Club Foundation, which he estimates will ultimately raise about $250,000.