Exhibit 99.1

For Release on July 31, 2008

TOWN SPORTS INTERNATIONAL HOLDINGS, INC. ANNOUNCES SECOND QUARTER 2008 FINANCIAL RESULTS

MAINTAINS FISCAL 2008 GUIDANCE

New York, NY — July 31, 2008 — Town Sports International Holdings, Inc. (“TSI” or the “Company”) (NASDAQ: CLUB), a leading owner and operator of health clubs located primarily in major cities from Washington, DC north through New England, operating under the brand names “New York Sports Clubs”, “Boston Sports Clubs”, “Washington Sports Clubs” and “Philadelphia Sports Clubs”, announced its results for the second quarter ended June 30, 2008.

2^nd Quarter Highlights:

• Revenues increased 8.0% to $129.4 million.

• Comparable club revenue increased 3.2%.

• Diluted earnings per share increased 8.3% to $0.26.

• EBITDA increased 8.1% to $30.9 million.

• Personal training revenues grew 7.9%, to $16.7 million.

• Membership attrition averaged 3.2% per month.

Alex Alimanestianu, Chief Executive Officer of TSI, commented: “We are pleased with our 2^nd quarter performance, and we are once again reaffirming our guidance for the year. As we have said before, we believe that our core customer base in major northeastern metropolitan areas will remain committed to their health and fitness goals despite any additional economic strains that may arise. Our 3.2% monthly attrition rate in the second quarter was better than the levels experienced in the second quarter of 2007, which we believe reflects the resiliency of our business as well as the focus we are putting on the member experience in our clubs. We are also very pleased that our new club portfolio continues to exceed expectations and generate strong returns.”

Quarter Ended June 30, 2008 Financial Highlights:

Revenue (in $’000s) was comprised of the following:

	Quarter Ended June 30,
	2008					2007
	Revenue		% Revenue			Revenue		% Revenue			% Growth
Membership dues	$	101,489		78.4	%	$	93,818		78.3	%		8.2	%
Initiation fees		3,486		2.7	%		3,096		2.6	%		12.6	%
Membership revenue		104,975		81.1	%		96,914		80.9	%		8.3	%
Personal training revenue		16,700		12.9	%		15,482		12.9	%		7.9	%
Other ancillary club revenue		6,054		4.7	%		5,732		4.8	%		5.6	%
Ancillary club revenue		22,754		17.6	%		21,214		17.7	%		7.3	%
Fees and other revenue		1,664		1.3	%		1,650		1.4	%		0.8	%
Total revenue	$	129,393		100.0	%	$	119,778		100.0	%		8.0	%

Total revenue for Q2 2008 increased 8.0% compared to Q2 2007 driven by growth in membership and personal training revenue. Revenue at clubs operated by us for over 12 months (“comparable club revenue”) increased 3.2% during the three months ended June 30, 2008. Of this 3.2% increase, 1.5% was due to an increase in membership, 1.0% was due to an increase in price and 0.7% was due to an increase in ancillary club revenue and fees and other revenue.

Operating expenses (in $’000s) were comprised of the following:

	Quarter Ended June 30,
	2008					2007
	Expense		% Revenue			Expense		% Revenue			% Change
Payroll and related	$	48,653		37.6	%	$	44,563		37.2	%		9.2	%
Club operating		41,521		32.1	%		37,938		31.7	%		9.4	%
General and administrative		8,895		6.9	%		9,122		7.6	%		(2.5	)%
Depreciation and amortization		13,858		10.7	%		11,731		9.8	%		18.1	%
Operating expenses	$	112,927		87.3	%	$	103,354		86.3	%		9.3	%

Total operating expenses increased 9.3% to $112.9 million for Q2 2008 compared to Q2 2007. Operating margin was 12.7% for Q2 2008 and 13.7% in Q2 2007.

• The increases in payroll and related and club operating expenses were principally attributable to a 7.8% increase in the total months of club operation from 448 in Q2 2007 to 483 in Q2 2008. There was a net increase of eleven clubs in the twelve months ended June 30, 2008.

• The increase in depreciation and amortization expenses was principally due to clubs opened after April 1, 2007. In addition, during the six months ended June 30, 2008, we recorded an impairment loss of $755,000 on fixed assets of a remote club that did not benefit from being part of a regional cluster and therefore experienced a decline in asset fair value, and an impairment loss of $387,000 related to an agreement to close a club prior to its lease expiration. Offsetting these increases are insurance proceeds of approximately $600,000 received for fixed asset damages at two of our clubs.

Net income for Q2 2008 was $6.8 million compared to a net income of $6.4 million for Q2 2007.

EBITDA for Q2 2008 increased 8.1% to $30.9 million from $28.6 million for Q2 2007. EBITDA as a percentage of total revenue (“EBITDA margin”) was 23.9% for Q2 2008 and Q2 2007. Please refer to the reconciliation of net income to EBITDA at the end of this release.

Six Months Ended June 30, 2008 Financial Highlights:

Revenue (in $’000s) was comprised of the following:

	Six Months Ended June 30,
	2008					2007
	Revenue		% Revenue			Revenue		% Revenue			% Growth
Membership dues	$	200,672		78.5	%	$	184,802		78.6	%		8.6	%
Initiation fees		6,888		2.7	%		5,979		2.5	%		15.2	%
Membership revenue		207,560		81.2	%		190,781		81.1	%		8.8	%
Personal training revenue		32,841		12.8	%		29,403		12.5	%		11.7	%
Other ancillary club revenue		12,236		4.8	%		12,284		5.2	%		(0.4	)%
Ancillary club revenue		45,077		17.6	%		41,687		17.7	%		8.1	%
Fees and other revenue		3,076		1.2	%		2,687		1.2	%		14.5	%
Total revenue	$	255,713		100.0	%	$	235,155		100.0	%		8.7	%

Total revenue for the six months ended June 30, 2008 increased 8.7% compared to the six months ended June 30, 2007 driven by growth in membership and personal training revenue. Comparable club revenue increased 3.8% during the six months ended June 30, 2008. Of this 3.8% increase, 1.6% was due to an increase in membership, 1.2% was due to an increase in price and 1.0% was due to an increase in ancillary club revenue and fees and other revenue.

Operating expenses (in $’000s) were comprised of the following:

	Six Months Ended June 30,
	2008					2007
	Expense		% Revenue			Expense		% Revenue			% Change
Payroll and related	$	97,057		38.0	%	$	89,314		38.0	%		8.7	%
Club operating		84,401		33.0	%		77,302		32.9	%		9.2	%
General and administrative		17,201		6.7	%		16,880		7.2	%		1.9	%
Depreciation and amortization		26,507		10.4	%		22,822		9.7	%		16.1	%
Operating expenses	$	225,166		88.1	%	$	206,318		87.8	%		9.1	%

Total operating expenses increased 9.1% for the six months ended June 30, 2008 compared to the six months ended June 30, 2007. Operating margin was 11.9% for the six months ended June 30, 2008 and 12.2% for the six months ended June 30, 2007.

• The increases in payroll and related and club operating expenses were attributed to a 7.9% increase in the total months of club operation to 960 for the six months ended June 30, 2008 from 890 for the same period last year. There was a net increase of eleven clubs in the last twelve months.

• The increase in depreciation and amortization expenses was principally due to clubs opened after April 1, 2007. In addition, during the six months ended June 30, 2008, we recorded an impairment loss of $755,000 on fixed assets of a remote club that did not benefit from being part of a regional cluster and therefore experienced a decline in asset fair value, and an impairment loss of $387,000 related to the agreement to close a club prior to the lease expiration. Offsetting these increases are insurance proceeds of approximately $600,000 received for fixed asset damages at two of our clubs.

Net income for the six months ended June 30, 2008 was $11.6 million compared to $2.6 million for the six months ended June 30, 2007. This $9.0 million increase in net income was primarily due to the loss on extinguishment of debt of $7.4 million, net of taxes recorded in the six months ended June 30, 2007.

EBITDA for the six months ended June 30, 2008 increased 10.6% to $58.1 million from $52.6 million for the six months ended June 30, 2007. EBITDA margin was 22.7% for the six months ended June 30, 2008, compared to 22.4% for the six months ended June 30, 2007. Please refer to the reconciliation of net income to EBITDA at the end of this release.

Cash flow from operating activities for the six months ended June 30, 2008 increased $9.1 million, or 19.0% from the same period last year. Contributing to the cash flow increase was the increase in earnings before interest, taxes and depreciation and amortization of $5.6 million. In addition, the net changes in certain operating assets and liabilities increased $4.5 million primarily due to decreases in pre-payments made to landlords and the timing of other vendor payments. Cash paid for interest decreased $4.3 million, while cash paid for taxes increased $5.0 million.

2008 Business Outlook:

Based upon the current business environment and current trends in the market, the Company is reaffirming its previous guidance, and expects the following results for 2008:

• Total revenue for 2008 will be in the range of $510.0 million to $520.0 million, representing 8% to 10% growth over 2007.

• Net income will be between $21.3 million and $22.3 million compared to net income of $13.6 million or $20.5 million in 2007 before the net effect of the loss on extinguishment of $7.4 million and favorable tax adjustments of $538,000.

• Earnings per share on a fully diluted basis will be between $0.80 and $0.84 for 2008 compared to earnings per share on a fully diluted basis of $0.51 per share in 2007, or $0.77 per share before the net effect of the loss on extinguishment of debt of $0.28 per share and favorable tax adjustments of $0.02 per share.

2008 Investing Activities Outlook:

For the year ending December 31, 2008, the Company estimates it will invest between $90.0 and $95.0 million in capital expenditures. This amount includes approximately $21.0 million to continue to upgrade existing clubs, $9.0 million to support and enhance our management information systems and $6.0 million for the construction of a new regional laundry facility in our New York Sports Clubs market. The remainder of our 2008 capital expenditures will be committed to building or expanding clubs. The Company expects to open 11 new clubs and close four clubs in 2008. As of June 30, 2008 we have opened five clubs and closed three clubs.

Forward-Looking Statements:

Statements in this release that do not constitute historical facts, including, without limitation, statements under the caption “2008 Business Outlook” and “2008 Investing Activities Outlook” and other statements regarding future financial results and performance and potential sales revenue are “forward-looking” statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements under the captions “2008 Business Outlook” and “2008 Investing Activities Outlook,” other statements regarding future financial results and performance and potential sales revenue, other statements that are predictive in nature or depend upon or refer to events or conditions, or that include words such as “expects,” “anticipated,” “intends,” “plans,” “believes,” “estimates” or “could”. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the Company’s control, including the level of market demand for the Company’s services, competitive pressures, the ability to achieve reductions in operating costs and to continue to integrate acquisitions, the application of federal and state tax laws and regulations, and other specific factors discussed herein and in other releases and public filings made by the Company (including Forms 10-K and 10-Q filed with the Securities and Exchange Commission); accordingly, actual results could differ materially from any such forward-looking statement. The forward-looking statements speak only as of the date hereof and the Company does not intend to update this information, except as required by law, to reflect developments or information obtained after the date hereof, and the Company disclaims any legal obligation to the contrary.

About Town Sports International Holdings, Inc.:

New York-based Town Sports International Holdings, Inc. is a leading owner and operator of fitness clubs in the Northeast and mid-Atlantic regions of the United States and, through its subsidiaries, operated 163 fitness clubs as of June 30, 2008, comprising 112 New York Sports Clubs, 22 Boston Sports Clubs, 19 Washington Sports Clubs (two of which are partly-owned), seven Philadelphia Sports Clubs, and three clubs located in Switzerland. These clubs collectively served approximately 517,000 members, excluding pre-sold, short-term and seasonal memberships. For more information on TSI visit http://www.mysportsclubs.com.

The Company will hold a conference call on Thursday, July 31, 2008 at 4:30 PM (Eastern) to discuss the second quarter 2008 results. Alex Alimanestianu, Chief Executive Officer, and Dan Gallagher, Chief Financial Officer, will host the conference call. The conference call will be Web cast and may be accessed via the Company’s Investor Relations section of its Website at www.mysportsclubs.com. A replay and transcript of the call will be available via the Company’s Website beginning August 1, 2008.

Town Sports International Holdings, Inc., New York
Contact Information:

Investor Contact:
(212) 246-6700 extension 1650
Investor.relations@town-sports.com

or

Integrated Corporate Relations, Joseph Teklits
(203) 682-8258
joseph.teklits@icrinc.com

TOWN SPORTS INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2008 and December 31, 2007
(All figures in $’000s)
(Unaudited)

	June 30,			December 31,
	2008			2007
ASSETS
Current assets:
Cash and cash equivalents	$	10,506		$	5,463
Accounts receivable, net		10,346			8,815
Inventory		302			230
Prepaid expenses and other current assets		8,084			11,334
Total current assets		29,238			25,842
Fixed assets, net		345,618			337,152
Goodwill		50,262			50,165
Intangible assets, net		663			477
Deferred tax assets, net		47,945			44,345
Deferred membership costs		17,250			17,974
Other assets		12,458			12,808
Total assets	$	503,434		$	488,763
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	1,902		$	10,898
Accounts payable		5,666			10,891
Accrued expenses		35,650			34,186
Accrued interest		458			738
Corporate income taxes payable		1,510			811
Deferred revenue		47,130			41,798
Total current liabilities		92,316			99,322
Long-term debt		310,929			305,124
Deferred lease liabilities		65,393			61,221
Deferred revenue		6,137			7,300
Other liabilities		14,548			15,613
Total liabilities		489,323			488,580
Stockholders’ equity:
Common stock		26			26
Paid-in capital		(15,118	)		(16,977	)
Accumulated other comprehensive income (currency translation adjustment)		1,271			814
Retained earnings		27,932			16,320
Total stockholders’ equity		14,111			183
Total liabilities and stockholders’ equity	$	503,434		$	488,763

TOWN SPORTS INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED INCOME STATEMENTS
For the quarters and six months ended June 30, 2008 and 2007
(All figures in $’000s except share and per share data)
(Unaudited)

	Quarter Ended June 30,						Six Months Ended June 30,
	2008			2007			2008			2007
Revenues:
Club operations	$	127,729		$	118,128		$	252,636		$	232,468
Fees and other		1,664			1,650			3,077			2,687
		129,393			119,778			255,713			235,155
Operating Expenses:
Payroll and related		48,653			44,563			97,057			89,314
Club operating		41,521			37,938			84,401			77,302
General and administrative		8,895			9,122			17,201			16,880
Depreciation and amortization		13,858			11,731			26,507			22,822
		112,927			103,354			225,166			206,318
Operating income		16,466			16,424			30,547			28,837
Loss on extinguishment of debt		—			—			—			12,521
Interest expense		5,633			6,393			12,147			13,409
Interest income		(74	)		(279	)		(215	)		(538	)
Equity in the earnings of investees and rental income		(620	)		(482	)		(1,067	)		(904	)
Income before provision for corporate income taxes		11,527			10,792			19,682			4,349
Provision for corporate income taxes		4,726			4,426			8,070			1,784
Net income	$	6,801		$	6,366		$	11,612		$	2,565
Earnings per share:
Basic	$	0.26		$	0.24		$	0.44		$	0.10
Diluted	$	0.26		$	0.24		$	0.44		$	0.10
Weighted average number of shares used in calculating earnings per share:
Basic		26,417,859			26,142,383			26,361,758			26,070,219
Diluted		26,488,634			26,656,341			26,422,359			26,572,355

TOWN SPORTS INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended June 30, 2008 and 2007
(All figures in $’000s)
(Unaudited)

	Six Months
	Ended June 30,
	2008			2007
Cash flows from operating activities:
Net income	$	11,612		$	2,565
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		26,507			22,822
Non-cash interest expense on Senior Discount Notes		6,782			6,029
Loss on extinguishment of debt		—			12,521
Amortization of debt issuance costs		387			443
Noncash rental expense, net of noncash rental income		741			886
Compensation expense incurred in connection with stock options and common stock grants		500			355
Net changes in certain operating assets and liabilities		9,363			4,860
Increase in deferred tax asset		(3,600	)		(6,271	)
Landlord contributions to tenant improvements		3,338			3,686
Change in reserve for self-insured liability claims		1,056			1,304
Decrease (increase) in deferred membership costs		724			(1,051	)
Other		(97	)		20
Total adjustments		45,701			45,604
Net cash provided by operating activities		57,313			48,169
Cash flows from investing activities:
Capital expenditures		(44,542	)		(42,142	)
Insurance proceeds		1,074			—
Net cash used in investing activities		(43,468	)		(42,142	)
Cash flows from financing activities:
Proceeds from New Credit Facility		—			185,000
Costs related to issuance of New Credit Facility		—			(2,634	)
Repayment of Senior Notes		—			(169,999	)
Premium paid on extinguishment of debt and related costs		—			(9,309	)
Repayment of long term borrowings		(973	)		(575	)
Repayment of borrowings on Revolving Loan Facility		(9,000	)		—
Change in book overdraft		(583	)		(1,230	)
Proceeds from exercise of stock options		1,187			1,740
Excess tax benefit from stock option exercises		173			1,036
Net cash (used in) provided by financing activities		(9,196	)		4,029
Effect of exchange rate changes on cash		394			(10	)
Net increase in cash and cash equivalents		5,043			10,046
Cash and cash equivalents at beginning of period		5,463			6,810
Cash and cash equivalents at end of period	$	10,506		$	16,856
Summary of change in certain operating assets and liabilities:
(Increase) in accounts receivable	$	(2,932	)	$	(2,322	)
(Increase) decrease in inventory		(68	)		41
Decrease (increase) in prepaid expenses and other current assets		3,486			(1,207	)
Increase in accounts payable, accrued expenses and accrued interest		4,026			1,396
Increase in corporate income taxes payable		699			1,050
Increase in deferred revenue		4,152			5,902
Net changes in certain operating assets and liabilities	$	9,363		$	4,860

TOWN SPORTS INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Net Income to EBITDA
For the quarters and six months ended June 30, 2008 and 2007
(All figures in $’000s)
(Unaudited)

	Quarter Ended									Six Months Ended
	June 30,									June 30,
	2008			2007			% Chg.			2008			2007			% Chg.
Net income	$	6,801		$	6,366					$	11,612		$	2,565
Provision for corporate income taxes		4,726			4,426						8,070			1,784
Loss on extinguishment of debt		—			—						—			12,521
Interest expense, net of interest income		5,558			6,114						11,932			12,871
Depreciation and amortization		13,858			11,731						26,507			22,822
EBITDA	$	30,943		$	28,637			8.1	%	$	58,121		$	52,563			10.6	%
EBITDA margin		23.9	%		23.9	%					22.7	%		22.4	%

Non-GAAP Financial Measures:

EBITDA is defined as earnings before interest, taxes, depreciation and amortization and loss on extinguishment of debt. EBITDA provides useful information regarding the Company’s operating performance and financial condition, subject to the limitations described below. EBITDA should not be considered in isolation or as a substitute for net income, cash flows or other consolidated income (loss) or cash flow data prepared in accordance with generally accepted accounting principles in the United States of America or as a measure of the Company’s profitability or liquidity. Additionally, investors should be aware that EBITDA may not be comparable to similarly titled measures presented by other companies. EBITDA margin is defined as EBITDA as a percentage of consolidated revenue.

The Company believes that EBITDA is used by some investors, analysts and other parties to measure the Company’s performance over time. Management believes that providing this additional information is useful to understanding the Company’s ability to meet capital expenditures and working capital requirements and to better assess and understand operating performance. The measure allows investors, analysts and other parties to better evaluate the Company’s financial performance and prospects in the same manner as management.