CHICAGO -- Bally Total Fitness, which has more than $743 million in debt and is under an ongoing investigation by the Securities and Exchange Commission, is taking the next step in its strategic sales process. Bally's advisors -- JP Morgan and the Blackstone Group -- are setting up meetings with interested parties and have circulated the "pitch book," which includes detailed financial information and a market analysis. Real estate investment firms, private equity firms and other clubs are interested in scooping up Bally, according to the New York Post. The Post also reported that Virgin Active, which has 700,000 members worldwide, is eyeing Bally as a way to grow its health club operations into the United States. Lori Levine, a Virgin spokeswoman, said the company has not been approached by Bally but may have some interest in the fitness chain in the future. If you have any comments on the Bally sale, e-mail Amy Fischbach at [email protected].