Dana Rubinstein has the scoop at Capital New York.
While the deal is still said to be tentative, this is how it is expected to go down:
REQX Ventures, a company run by individuals affiliated with Equinox and Related Companies (the real estate company that owns Equinox) would buy at least 51-percent of [Alta Bicycle Share, Citi Bike's operator.]
And let's keep cutting-and-pasting:
It would ... help resurrect a system that has lost millions of dollars over the course of its short existence, thanks to bad software, Hurricane Sandy and the sheer scope of running the largest bike-share system in the country, one with more than 100,000 annual members and more than 14 million miles on its odometer.
In New York City, where bike-share users now pay $95 for an annual membership and $9.95 for a day pass, REQX would have the freedom to raise rates without city approval, though the contract might include some sort of percent-per-year cap on the size of those hikes.
Public housing residents and some credit union members would retain access to a discounted rate of $60 per year.
One more piece from the article: The Citi Bike operating costs "exceeded expectations by about $9 million through last September."
There are many more details here.
H/T Gothamist