Blacks funding plan under threat
25/02/2010
A meeting of shareholders on February 24 had to be stopped after it became clear that Sports Direct had bought a 28.5% stake in Blacks days earlier. Blacks had said it would seek shareholder approval to raise £20 million in funding to open new stores and refurbish others in strategic locations.
Commentators have speculated that Sports Direct has moved to scupper this exercise because it is preparing a bid to buy Blacks out. Media in the UK have reported that the two retail groups have already begun negotiations, but a statement from Blacks said the discussions were aimed at convincing Sports Direct to support the £20 million funding bid.
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