Town Sports International Holdings, Inc. (NasdaqGM:CLUB) acquired an 85% stake in three clubs in Florida from Jeffrey Goldsmith for $7.3 million in August 2018. The consideration consisted of a cash payment of $6.7 million and an amount of $0.61 million which is owed to Jeffrey Goldsmith over the next four years. Jeffrey Goldsmith retained the remaining 15% stake. The acquisition also included the purchase of a building in which one of the three clubs operates. Town Sports International Holdings branded the three clubs as 'Palm Beach Sports Clubs'. As a result, Palm Beach Sports Clubs became a majority owned subsidiary of Town Sports International Holdings. Town Sports International Holdings, Inc. (NasdaqGM:CLUB) completed the acquisition of an 85% stake in three clubs in Florida from Jeffrey Goldsmith in August 2018.