Sports Direct cleared by OFT

Competition regulator the Office of Fair Trading (OFT) has decided that Sports Direct’s minority shares in Blacks Leisure does not go against competition rules.

FashionUnited reported last month that the OFT was investigating Sport’s Direct’s stake in Blacks Leisure but after considering whether a relevant merger situation had been created as a result of Sports Direct owning a 29% stake, the regulator found that the shareholding did not create any competition issues.

A High Court ruled last month that the sports retailer legitimately owned shares in Blacks following a dispute over ownership of the stake with the liquidators of the collapsed Icelandic bank Kaupthing Singer & Friedlander.

The text of this latest decision will be placed on the Office of Fair Trading's website in due course.