Manchester-based Halliwell Landau has acted for AIM-listed client Online Sports & Leisure on the acquisition of a 22% stake in Frank Warren's boxing promotion and management business Sports Network.

The deal marks another instruction for Halliwell's AIM practice, which last year acted on almost 10% of all AIM floats. Under the terms of the deal, Online Sports & Leisure picked up the stake for an initial consideration of £2.79m.

The company has an option to buy a further 28% and Sports Network will initially be run as a partnership between Online Sports & Leisure and Warren. Corporate partners Charles Glaskie and Julian Lewis worked on the deal along with assistant Roger Pointing.

"The deal is a reverse takeover," said Glaskie, who is based in the firm's London office. "Because it was such a large deal we had to seek re-admission on the AIM market."

Online Sports & Leisure has a close relationship with Halliwells. The firm acted on its initial application to AIM in 2000 and Clive Garston, the firm's London senior partner, is a non-executive director of the company.

Glaskie stated that in this case there was no question of Garston's position causing a conflict.

"It is becoming more commonplace for lawyers to take non-executive roles in companies," he said.

Nicholson Graham & Jones acted for Frank Warren, along with his own in-house team. Macfarlanes acted for the sponsors.

Halliwells has been particularly active in the AIM market during the past 18 months working on nine of last year's 93 AIM floats. It has already acted on four so far this year with another six floats due for imminent completion.