Sports Direct will fight to keep its Blacks holding

City A.M. Reporter
Sportswear retailer Sports Direct&nbsp; 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 &amp; Friedlander.<br /><br />&ldquo;Sports Direct is in the process of taking an action against Kaupthing Singer &amp; Friedlander and its administrators, Ernst &amp; Young,&rdquo; Sports Direct said yesterday<br /><br />&nbsp;It added: &ldquo;Those parties are aware of our determination to protect and vindicate our legal rights and the situation remains ongoing.&rdquo;<br /><br />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 &amp; Friedlander, which is the UK arm of failed Icelandic bank Kaupthing.