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Town Sports International CEO Patrick Walsh (Credit: JoJosh313; Getty)

Town Sports International Holdings, the bankrupt owner of New York Sports Clubs, has reportedly worked out a takeover deal that will keep its gyms open.

The company outlined plans for the deal — struck with private-equity firm Tacit Capital and various lenders — at a bankruptcy hearing Wednesday, according to the Wall Street Journal.

The deal would allow the lenders to lead bidding for the company’s assets, known as a “stalking horse” bid. According to the Journal, the offer would consist of no more than $85 million worth of debt forgiveness, establishing a minimum price for the auction.

The offer was chosen over a separate one from lender Kennedy Lewis Investment Management.

Town Sports, which filed for bankruptcy Monday, has struggled with mounting debts since the pandemic hit. In April, New York Attorney General Letitia James ordered the company to reimburse members for fees charged while the locations were closed, arguing that “New Yorkers have enough to worry about and should not be forced to pay for services NYSC is no longer providing.”

Nicole Greenblatt, a lawyer for Town Sports, said Wednesday that the company needed financial relief “so they can reopen the gyms with appropriate health and safety improvements, and comply with relevant consumer protection laws and obligations.”

The company intends to sell off its assets by the end of October and has until next week to commit to a plan for shopping them around.

Gov. Andrew Cuomo gave gyms the green light to reopen in August. Town Sports said it has since reopened 95 locations. [WSJ] — Sylvia Varnham O’Regan

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The New York Sports Club appears to be making the most of a recent controversy involving rival fitness companies like Equinox and SoulCycle by offering no-fee gym memberships to new customers who are leaving the competitors' facilities.

Some members of Equinox and SoulCycle have chosen to boycott the two elite gyms after billionaire owner Stephen Ross scheduled a fundraiser to benefit the reelection campaign of President Trump. The event fundraiser was set for Friday in the Hamptons.

In this Feb. 4 photo, Miami Dolphins owner Stephen Ross speaks in Davie, Fla. Ross, a billionaire New York investor, is hosting a high-dollar fundraiser for President Trump. (AP Photo/Brynn Anderson, File) (AP)

NYSC said on Twitter -- the same day as the political event -- 'We strive to maintain and foster all-embracing spaces of inclusion and acceptance. We want everyone to have a sense of comfortability and acceptance the second they walk through our doors.'

The gym vowed to offer free admittance all weekend, and promised to waive initiation fees to offset cancellation fees for dropping out of those competitors' chains.

The popular gym also said it would make a minimum donation of $10,000 to The Trevor Project, a nonprofit focused on suicide prevention for young members of the LBTQ community.

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Following backlash against SoulCycle, the popular stationary bike workout brand released a statement to the 'soul family' distancing itself from the owner's political event.

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'We believe in diversity, inclusion, and equality,' the company's CEO Melanie Whelan said in a statement Wednesday. 'SoulCycle in no way endorses the political fundraising event being held later this week.'

The company said it has 'nothing to do with the event and does not support it,' and assured riders that 'no company profits are used to fund politicians.'

SoulCycle also called Ross a 'passive investor' who 'is not involved in the management of SoulCycle.'

Equinox reiterated that message in an effort to hold onto members and defuse a boycott.