Sports Direct is set to acquire Hot Tuna, the Australian surf brand, for £950,000, according to reports in the U.K.

The deal would see Brands Holdings, a subsidiary of Sports Direct, acquire Hot Tuna's assets and intellectual property. The sports retailer already owns a number of specialist brands, including Dunlop, Slazenger, Karrimor, Everlast and No Fear.

Hot Tuna, best known for its piranha logo, put itself up for sale in November after reporting a loss of £862,000 for the year ending June 30, compared with a
loss of £1.4m in 2010. Revenue fell to £207,000 from £464,000 previously.

Hot Tuna's chairman, Francis Ball, will step down along with Geoffrey O'Connell, the chief executive, and Oscar Verden, another director. Non-executive chairman Marcus Yeoman will keep his position. With the exception of O'Connell, who has been chief executive since 2009, the rest of senior management team joined five months ago.