Debt-ridden sports and leisure club operator Crown Sports has urged investors to reject a 5p per share offer for the company from private firm Bennelong. Crown has debts of almost £50m, but director Ray Pearce says it believes the offer 'substantially undervalues' the business and 'we will be writing to shareholders next week and advising them to take no action at this time'. Pearce and his fellow directors are now said to be evaluating all methods of 'maximising' shareholder value, including 'the potential sale of some or all of Crown Sports' trading businesses'. These include Dragons Health Clubs and Crown Golf Clubs. Recent interims showed reduced profits of £1m and included a warning that the rest of the year was likely to be tough. Avoid.