Sports Direct has been given a “put up or shut up” deadline by the Takeover Panel over its interest in Blacks Leisure.

This morning Sports Direct confirmed it had made an offer for Blacks at 62p per share which Blacks snubbed and called “wholly inadequate”.

Sports Direct now has till April 1 to announce a firm intention for the business or announce that it does not want to make an offer.

Mike Ashley’s Sports Direct currently has a 29% stake in Blacks.

Blacks said: “The board is of the view that, having blocked the proposed fundraising despite being offered full pre-emptive participation in it, Sports Direct is now attempting to transfer that potential shareholder value from shareholders to Sports Direct.”