An aggressive swoop has been made by Mike Ashley's Sports Direct on a 29% stake in Blacks Leisure, the struggling and troubled retailer that would let the group vote against a rescue package which has been proposed by the Blacks board at the annual meeting on Wednesday.
The shares, in addition to an 11% stake in the third chain, JD Sports Fashion, were taken over in Octobers by the Kaupthing Singer & Friedlander administrators, the bank which is owned by Iceland's Kaupthing.