Dave Whelan has confirmed the acquisition of JJB Sports’ fitness club operation today.
According to reports Whelan, JJB Sports founder, confirmed that he has bought the fitness clubs at a press conference today at JJB Stadium in Wigan, which is being renamed DW Stadium. He is reported to have paid around £70 million.
Whelan wants to call the newly acquired fitness clubs DW Fitness, according to reports.
JJB Sports needs to sell its fitness club division to raise cash to pay its lenders. A standstill agreement between JJB Sports and banks, which postponed debt payment, expired yesterday.
However, a JJB Sports spokesman said that as far as the company was concerned the deal was not confirmed until an announcement had been made by the group.