SPORTS DIRECT DISPUTE HEAD STO THE COURTS

The particulars of the dispute are expected to be outlined to a judge in a 30-minute hearing.

Sports Direct, controlled by Newcastle United owner Mike Ashley, claims that E&Y — the administrator to Kaupthing Singer and Friedlander (KSF) — unfairly seized its stakes in the two other retailers, which were financed by the collapsed Icelandic bank.

E&Y claims KSF owns an almost 30 per cent of Blacks Leisure and a 13 per cent stake in JD, as they were bought with KSF money.

The dispute caused Sports Direct to write down £26.1 million of its holdings earlier this year. Sports Direct is under investigation by the Serious Fraud Office and the Office of Fair Trading,

Over alleged fraud and price fixing with competitor JJB. Sports Direct could face a fine of £140 million if found guilty of price fixing. JJB, which blew the whistle on the alleged scam will be granted immunity in exchange for evidence.