Sunday Times - 25th October25 Oct 2009 11:12
http://business.timesonline.co.uk/tol/business/industry_sectors/consumer_goods/article6888919.ece
JD Sports is preparing to gatecrash the £42.5m takeover of AIM-listed Powerleague, Britain’s biggest operator of five-a-side football centres.
The sports fashion firm is believed to be taking advice from bankers at Investec.
Powerleague, which is chaired by Claude Littner — a close friend of Lord Sugar who enjoys regular cameo appearances on his Apprentice television show — has already agreed a takeover by Patron Capital, its biggest shareholder. Investors are due to vote on the deal at an extraordinary meeting next month.
City sources said JD Sports had made no firm decision on whether to proceed with an offer but was thought to be considering buying the business and putting sports shops in the five-a-side centres.
Striking a deal will be complicated because Patron already owns 29% of the shares and the management and independent directors have given irrevocable undertakings to vote their own shares in favour of the takeover.
Littner, 60, stands to collect £2.6m for his 6.1% stake in Powerleague. He joined as executive chairman in 2001 and, two years later, led a management buyout from 3i, the private-equity firm. He netted an estimated £7m when reducing his stake at the flotation.