Blacks put itself up for sale in December, and had announced that Sports Direct was interested in buying it. The sports goods retailer already owns 22.5% of Blacks, whose shares have fallen 95% since January. Mike Ashley, owner of Newcastle United FC,  is the main shareholder for Sports Direct Ltd, and he has now said that he is not going to make a bid for the company.

KPMG Newcastle Accountants have now been assigned responsibility to find interested buyers, but with the recent figures released by blacks, showing a total bank debt of £36million, this might be easier said than done.

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