LONDON (Alliance News) - Sports Direct International PLC announced Wednesday that founder Mike Ashley sold GBP110.9 million worth of shares in the sports retailer, roughly 2.6% of the entire share capital of the company.
Ashley, which is embroiled in a battle for control of Scottish football club Rangers International Football Club PLC, sold 15.4 million Sports Direct shares for 720 pence each on Tuesday, reducing his shareholding in the retailer to just over 55.1%. The shares were sold via his MASH Holdings Ltd investment vehicle, which is wholly owned by Ashley.
Sports Direct did not state the reason for the sale of shares. The Times newspaper had reported earlier Wednesday that the sale was to be conducted by investment bank Goldman Sachs, but Sports Direct's statement didn't say who led the sale.
Sports Direct said that in connection with the sale of shares, MASH agreed not to sell any more shares for a period of 170 days from Tuesday.
Sports Direct shares were taking a kicking Wednesday morning, down 4.5% at 726.00 pence. The stock is one of the biggest fallers in the FTSE 100 index.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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