Sports retail giant Sports Direct is apparently set to buy online rival M and M Direct for around £75m, in its first acquisition since listing on the LSE.

The Telegraph reports that Sports Direct is leading negotations for the firm and that the deal could be completed within weeks.

If it does, it will hopefully see the company sorting out its flaky web presence, as well as providing a much-needed boost to its share price. 

The firm floated in February at 300p a share, but is now down at just above 270p.

According to Companies House filings, M and M posted pre-tax profits of £1.6m on sales of £53.8m in the year to the end of February 2006.