Sports Direct will fight to keep its Blacks holding
Sportswear retailer Sports Direct is ready to defend its claim to a 28.5 per cent stake in outdoor goods firm Blacks Leisure, rejecting a counter claim by administrators of Kaupthing Singer & Friedlander.
“Sports Direct is in the process of taking an action against Kaupthing Singer & Friedlander and its administrators, Ernst & Young,” Sports Direct said yesterday
It added: “Those parties are aware of our determination to protect and vindicate our legal rights and the situation remains ongoing.”
The retailer, controlled by Newcastle United soccer club owner Mike Ashley, had originally purchased the shares, and a 13 per cent stake in rival JD Sports Fashion, with loans from Kaupthing Singer & Friedlander, which is the UK arm of failed Icelandic bank Kaupthing.