Partner Article

Ashley’s talks with Blacks stall

Retailer Black Leisure has reportedly failed to reach agreement with Mike Ashley’s Sports Direct, its largest shareholder, over a £20m cash call.

The company told the market that today’s scheduled key meeting would be adjourned until the two sides have struck a deal.

Sports Direct stepped into the lengthy battle to turn around struggling Blacks earlier in the week by snapping up a 28.5% stake in the company and saying that it would vote against the rights issue today.

Talks between the two parties followed, but an announcement today said that the meeting, scheduled to start at 11am today, would be adjourned “for an indefinite period”.

Newcastle United owner Mr Ashley indicated a year ago that he wanted to take over Blacks. His stake was acquired in October by the administrators of Kaupthing, the collapsed Icelandic bank

This was posted in Bdaily's Members' News section by Ruth Mitchell .