BALLY TOTAL FITNESS HOLDING CORP
SC 13G, 2000-02-11
MEMBERSHIP SPORTS & RECREATION CLUBS
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<PAGE>

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                   Under the Securities Exchange Act of 1934

                            (Amendment No.        )*
                                           -------
                    BALLY TOTAL FITNESS HOLDING CORPORATION
- --------------------------------------------------------------------------------
                               (Name of Issuer)

                                 Common Stock
- --------------------------------------------------------------------------------
                        (Title of Class of Securities)

                                   05873K108
                               ----------------
                                (CUSIP Number)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

Schedule is filed pursuant to Rule 13d-1(b).


SEC 1745 (2/92)                   Page 1 of 8 pages
<PAGE>

CUSIP NO. 05873K108                  13G                      Page 2 of 8 Pages
          ---------

- -------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

        Wanger Asset Management, L.P. 36-3820584

- -------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
        Not Applicable                                          (b) [_]

- -------------------------------------------------------------------------------
      SEC USE ONLY
 3


- -------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4
        Delaware

- -------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5
     NUMBER OF              None

      SHARES       ------------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6
                            1,605,000
     OWNED BY
                   ------------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7
    REPORTING               None

      PERSON       ------------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8
                            1,605,000

- -------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9
        1,605,000

- -------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
                                                                    [_]
        Not Applicable

- -------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
        6.7%

- -------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
        IA

- -------------------------------------------------------------------------------
                      *SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>

CUSIP No. 05873K108                 13G                       Page 3 of 8 Pages


- -------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

        Wanger Asset Management, Ltd.

- -------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
        Not Applicable                                          (b) [_]

- -------------------------------------------------------------------------------
      SEC USE ONLY
 3


- -------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4
        Delaware

- -------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5
     NUMBER OF              None

      SHARES       ------------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6
                            1,605,000
     OWNED BY
                   ------------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7
    REPORTING               None

      PERSON       ------------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8
                            1,605,000

- -------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9
        1,605,000

- -------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
                                                                    [_]
        Not Applicable

- -------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
        6.7%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
        CO

- ------------------------------------------------------------------------------
                      *SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>


CUSIP NO. 05873K108                13G                        Page 4 of 8 Pages
          ---------

- -------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

        Acorn Investment Trust

- -------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
        Not Applicable
                                                                (b) [_]

- -------------------------------------------------------------------------------
      SEC USE ONLY
 3


- -------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4
      Massachusetts

- -------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5
     NUMBER OF              None

      SHARES        -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6
                            1,305,000
     OWNED BY
                    -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7
    REPORTING               None

      PERSON       ------------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8
                            1,305,000

- -------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9
        1,305,000

- -------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
        Not Applicable                                              [_]

- -------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11
         5.5%

- -------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
        IV

- -------------------------------------------------------------------------------
                      *SEE INSTRUCTION BEFORE FILLING OUT!
<PAGE>

Item 1(a)      Name of Issuer:

                    Bally Total Fitness Holding Corporation

Item 1(b)      Address of Issuer's Principal Executive Offices:

                    8700 West Bryn Mawr Avenue
                    Chicago, Illinois  60631

Item 2(a)      Name of Person Filing:

                    Wanger Asset Management, L.P. ("WAM")
                    Wanger Asset Management Ltd., the general partner of WAM
                      ("WAM LTD.")
                    Acorn Investment Trust ("Acorn")

Item 2(b)      Address of Principal Business Office:

                    WAM, WAM LTD. and Acorn are all located at:

                    227 West Monroe Street, Suite 3000
                    Chicago, Illinois  60606

Item 2(c)      Citizenship:

                    WAM is a Delaware limited partnership; WAM LTD. is a
                    Delaware corporation; and Acorn is a Massachusetts business
                    trust.

Item 2(d)      Title of Class of Securities:

                    Common Stock

Item 2(e)      CUSIP Number:

                    05873K108

Item 3         Type of Person:

                    (d)  Acorn is an Investment Company under section 8 of the
                         Investment Company Act.

                    (e)  WAM is an Investment Adviser registered under section
                         203 of the Investment Advisers Act of 1940; WAM LTD. is
                         the General Partner of the Investment Adviser.


                               Page 5 of 8 Pages
<PAGE>

Item 4         Ownership (at December 31, 1999):

                    (a)  Amount owned "beneficially" within the meaning of rule
                         13d-3:

                         1,605,000

                    (b)  Percent of class:

                         6.7%

                    (c)  Number of shares as to which such person has:

                              (i)  sole power to vote or to direct the vote:
                                   none
                             (ii)  shared power to vote or to direct the vote:
                                   1,605,000
                            (iii)  sole power to dispose or to direct the
                                   disposition of:  none
                             (iv)  shared power to dispose or to direct
                                   disposition of:  1,605,000

Item 5         Ownership of Five Percent or Less of a Class:

                    Not Applicable

Item 6         Ownership of More than Five Percent on Behalf of Another Person:

                    The shares reported herein have been acquired on behalf of
                    discretionary clients of WAM, including Acorn.  Persons
                    other than WAM and WAM LTD. are entitled to receive all
                    dividends from, and proceeds from the sale of, those shares.
                    Acorn is the only such person known to be entitled to all
                    dividends from, and all proceeds from the sale of, shares
                    reported herein to the extent of more than 5% of the class.

Item 7         Identification and Classification of the Subsidiary Which
               Acquired the Security Being Reported on by the Parent Holding
               Company:

                    Not Applicable

Item 8         Identification and Classification of Members of the Group:

                    Not Applicable

Item 9         Notice of Dissolution of Group:

                    Not Applicable

                               Page 6 of 8 Pages
<PAGE>

Item 10   Certification:

               By signing below I certify that, to the best of my knowledge and
          belief, the securities referred to above were acquired and are held in
          the ordinary course of business and were not acquired and are not held
          for the purpose of or with the effect of changing or influencing the
          control of the issuer of the securities and were not acquired and are
          not held in connection with or as a participant in any transaction
          having that purpose or effect.


                               Page 7 of 8 Pages
<PAGE>

                                   Signature
                                   ---------

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Date:  February 11, 2000

               The undersigned corporation, on the date above written, agrees
               and consents to the joint filing on its behalf of this Schedule
               13G in connection with its beneficial ownership of the security
               reported herein.

                                 WANGER ASSET MANAGEMENT, LTD.
                                   for itself and as general partner of
                                   WANGER ASSET MANAGEMENT, L.P.

                                 By:  /s/ Bruce H. Lauer
                                      -----------------------------------
                                          Bruce H. Lauer
                                          Vice President



               The undersigned, on the date above written, agrees and consents
               to the joint filing on its behalf of this Schedule 13G in
               connection with its beneficial ownership of the security reported
               herein.

                                 ACORN INVESTMENT TRUST



                                 By:  /s/ Bruce H. Lauer
                                      -----------------------------------
                                          Bruce H. Lauer
                                          Vice President and Treasurer

                               Page 8 of 8 Pages


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