Ashley Sells Stake In Finnish Sports Group

Newcastle United owner Mike Ashley has boosted his Sports Direct retail chain by disposing of his 12% stake in Finnish sports brand group Amer Sports.

The sale netted the company £116m – a profit of around 25% since it first bought shares in Amer Sports in June.

Sports Direct said the disposal was consistent with its policy of ‘making and retaining strategic investments for so long as the holding of such investments provide the opportunity to gain a strategic and commercial advantage.’

Ashley’s Sports Direct firm has been under pressure from shareholders after some mediocre financial performances of late but the cash injection will provide a much-needed boost.

Amer Sports owns a number of sporting brands including Salomon and Wilson.