Simon Halabi may take legal action against the former owners and managers of Esporta, the health and fitness chain he bought for £476m, after its parent company went into administration.
Halabi is expected to bear losses of more than £100m from the business he bought nine months ago from private equity group Duke Street Capital.
Rivals who lost out in the Esporta auction are lining up to take on the chain of more than 50 clubs. Among these are London & Regional, Mid Ocean Partners, Blackstone and CVC.
Halabi is understood to be angry at the state of the business and its trading performance when he took over, but he has not revealed his grounds for taking legal action.