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NEW YORK CITY-A subsidiary of Millennium Partners signed a binding asset purchase agreement with the Sports Club Co. Inc. for seven of the company's sports clubs. The purchase price was $65 million.
Six of the clubs are company owned, while the Miami club is managed by Sports Club. Three of the clubs are located here. One is on the Upper East Side, another is on the Upper West Side and the third is in Rockefeller Center. The other holdings are in Boston, San Francisco, Miami and Washington, DC.
The Sports Club Co. has 30 days to elect to retain the Sports Club/LA–New York at Rockefeller Center which would result in an upward adjustment in the sales price. Following the transaction, Sports Club will continue to own and operate the Sports Club/LA in Los Angeles, the Sports Club/LA in Orange County and the Sports Club/LA in Beverly Hills.
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