Sports Direct moves to block Blacks investment
23 February 2010 09:45
Sports Direct is attempting to scupper Blacks Leisure's plans to raise new investment funds from the City after it bought up 28.5% of Blacks' shares.
The sports company said that it would vote against a £20 million fundraising and recovery plan at a Blacks Leisure shareholder meeting on Wednesday.
The firm has been locked in a dispute with Ernst & Young, the administrator of collapsed bank Kaupthing Singer & Friedlander, over the ownership of the Blacks stake and an 11% holding in JD Sports Fashion since October 2008.
It has been suggested that Sports Direct is planning a bid for Blacks and would not want to pay more for the group, as it would have to if a fundraising exercise goes ahead.
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