Richard Pyle

RICHARD PYLE, a British Chartered Accountant, joined Town Sports
International in 1987 and has been chiefly responsible for the company’s
financial matters since that time, as a Vice President in 1988, Senior
Vice President and Chief Financial Officer in 1992 and Executive Vice
President in 1995, successively. Before joining the company, he worked
in public accounting (in the United States, Bermuda, Spain and in
England), specializing in the hospitality industry, and as the Corporate
Controller for the North American arm of a British public company in the
leisure industry. Mr. Pyle has overseen all of the financial aspects of
growing the company from $4 million in revenue (with seven clubs) when
he joined, to $254 million (LTM) and 110 clubs today. Mr. Pyle has
worked on over 60 acquisitions totaling nearly $100 million in
transaction value, and over $275 million of financing transactions such
as common and preferred equity, public high yield bonds, as well as
senior and subordinated debt facility placements on behalf of the
company. Since the company became a registrant in 1987, he also monitors
the necessary compliance requirements of the SEC.