Sports Direct has revealed that it does not intend to pursue a bid for troubled outdoor retailer Blacks Leisure.

The company said in a filing to the London Stock Exchange today (16 December) that after "careful consideration" it remains a "committed and supportive shareholder of Blacks Leisure" - but has decided not to proceed with an offer for the retailer. Sports Direct already owns a 22.5% stake in Blacks.

Blacks Leisure has around GBP36m in bank debts and needs to refinance its existing banking facilities before the end of the current financial year. But its directors have admitted they do not believe they will be able to complete such a move.

The company put itself up for sale last week after it failed to gain support for the fund-raising from shareholders and potential new investors. It subsequently announced that Sports Direct was interested in buying the business.

Go Outdoors, Mountain Warehouse and Cotswold Outdoor are reportedly among the bidders for the company.