Dave Whelan, the founder of JJB Sports, has secured the acquisition of the troubled company's nationwide chain of fitness clubs in a £83.4m deal that will form part of the new DW Sports Fitness.com venture.

Under the terms of the agreement, Whelan will now assume ownership of 53 of JJB Sports' 55 fitness facilities, with Irish properties in Dundalk and Limerick excluded from the transaction. However, the company's inaugural MiFit combined dry fitness club and superstore at Llanishen Retail Park in Cardiff is included as part of the acquisition, which will be among the sites to be relaunched under the DW Sports Fitness brand.

It is hoped that the deal will ensure the long-term future of the embattled JJB Sports company, which now plans to enter into a company voluntary arrangement (CVA) to secure improved terms with all its landlords. JJB Sports executive chair, Sir David Jones, said: "In announcing our series of measures today, we have taken the first step in securing JJB's long-term future after months of speculation."

The deal was announced on the same day as Dave Whelan revealed that the home of Wigan Athletic Football Club, the JJB Stadium, would be renamed as the DW Stadium from 1 August as part of his new venture. DW Sports Fitness marketing director, Winston Higham, said: "In this ever changing retail landscape, DW Sports Fitness are an authentic sporting goods retailer offering a broad assortment of brand name sporting goods, equipment, footwear and apparel.

"This product offering operating alongside state-of-the-art fitness clubs with innovative cutting-edge equipment offer an exciting and unique customer experience focused on value, customer loyalty and service." The fitness club business currently caters for 228,600 members as at 22 March, and employs more than 1,500 staff. It is thought that the deal will see all JJB employees will transfer to DW Sports Fitness.