Updated: Blacks Leisure postponed its general meeting today in order to continue negotiations with Sports Direct which had planned to block proposed fundraising by the outdoor specialist.

On Monday a wholly owned subsidiary of Sports Direct, Sportsdirect.com Retail (SWI), bought a 28.5% stake in Blacks from administrators of Icelandic bank Kaupthing and said it would vote against Black’s fundraising plans, key to its future growth.

Blacks said it is now discussing the issue with Sports Direct but there was “no guarantee that these discussions will reach a successful conclusion”.

Shareholders approved the postponement of the meeting which Blacks said would “allow further time for the company to seek agreement from Sports Direct to vote in favour of the shareholder resolution required to approve the placing and open offer and firm placing”.