Topic: RIP sale thread.

[Doctor Zaius]

Aye seen the Helicopter land when I was at the academy today, wondered what was going on. Nowt obviously.

[Thespence]

Another investment for Mike gans tits up

Sports Direct loses Blacks stake

(UKPA) – 9 hours ago

Mike Ashley's Sports Direct lost its 29% stake in outdoor chain Blacks Leisure on Tuesday after administrators of failed Icelandic bank Kaupthing Singer & Friedlander (KSF) took control of the holding.

The announcement by Blacks Leisure comes after JD Sports Fashion said that Sports Direct's 11% stake in it had also passed to KSF.

Sports Direct, owner of the Sports World chain, had fought a legal battle with administrators over the stakes, which were partly financed by the bank.

It has already taken a £53.1 million hit in its annual results over the shares after conceding that it did not control the shares for accounting purposes.

Sports Direct has reined in its policy of "strategic investment" since recession struck, although it believes the stakes can be beneficial "in the right circumstances".

The company's stake-building is competing for cash with other priorities such cutting debts, which stood at £431 million as of the end of April.

Mr Ashley is also the owner of Championship side Newcastle United, which he is trying to sell. The stake in Blacks Leisure is worth around £3.6 million at current prices.

He reportedly made an approach to buy the entire business earlier this year and in 2007 threatened to remove the company's board over plans to sell the company's Freespirit boardwear business.

Blacks is meanwhile struggling to secure its financial future after warning it would breach its lending terms after a sudden trading downturn.

The firm agreed a £40 million facility with Lloyds Banking Group in July but has embarked on a restructuring of the business which has seen its O'Neill boardwear stores placed in administration

http://www.google.com/hostednews/ukpress/article/ALeqM5h8zOCZjsIDe2TJkP0aXUOaRSzuzQ

[DL7777]

Barry Moat's Newcastle United takeover plans in doubt
Tyneside businessman Barry Moat's £80 million Newcastle takeover plans were left on a knife-edge on Tuesday night.
 
By Rob Stewart
Published: 9:20PM GMT 27 Oct 2009

Moat has been left exasperated by an inability to maintain dialogue with the sports retail tycoon since has he met owner Mike Ashley's revised asking price for the Championship club.
Moat, a close ally of former Newcastle captain Alan Shearer, has effectively been frozen out of talks by Ashley who flew into Tyneside by helicopter on Tuesday afternoon for a brief visit.
While Moat remains hopeful that he can strike a deal, he is bound to be concerned that the unpredictable Ashley will take the club off the market three months after it was put up for sale following relegation.

Ashley dropped his asking price from £100 million earlier this month and challenged Moat to meet the new amount but then offered caretaker manager Chris Hughton the job on a permanent basis - the first sign that he was ready to keep the club.
No one at the club was available for comment

[Dave]

It's dead. RIP.