Sports Direct sells Amer stake

Sports Direct, the sports equipment retailer run by Mike Ashley has sold its entire holding in Amer Sports, the Helsinki-listed owners of the Salomon and Wilson sports brands for £116m (€166.6m).

The sale, which Sports Direct confirmed was to “reduce group borrowings”, made the UK retailer an estimated profit of around £25m (€36m) according to press reports. Sports Direct originally bought into Amer in June and increased its stake to around 12% in September.

In separate reports Amer Sports confirmed that Finnish investment group Ajanta is to become the largest shareholder in the sports equipment manufacturer as its stake rises to 22.21% once forward market transactions mature on Dec 21 and Feb 15.