Billionaire Adrian Portelli has revealed he would be willing to buy gym chain Derrimut 24:7 after it entered administration, despite backing out of a deal to save the failing business just days previously.

Mr Portelli, who is also known as "Lambo Guy", addressed speculation over his involvement with the business after it was revealed founder Nick Solomos was looking for a deal to rescue the gym chain.

He told his Instagram followers on Friday he wanted to "clear up the Derrimut gym situation" after being "inundated with messages" over his decision to back out of a deal.

"Listen, yes it's true I didn't see eye to eye with the previous owners, they don't run a business like I do and I'm not willing to sacrifice tens of millions of dollars for someone else to potentially ruin my reputatio

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