Sports Direct has divested all interest in UK sportswear retailer Finish Line, just a day after rival JD Sports completed its $558 million (£396 million) acquisition.
Sports Direct had built up a 19.3 per cent stake in Finish Line but the company has now fully disposed of its interest in the retailer.
The news comes after Sports Direct denied speculation that it would stand to make £80 million from its rival’s takeover of Finish Line.
The Mike Ashley-owned company has now bought shares in Iconix Brand Group, representing 8.6 per cent of the issued common stock of the company, and earlier this month it nominated four people to stand for election on the Iconix board.
Iconix Brand Group is a brand management company which owns brands across fashion, sports, entertainment and home.
Notable brands in its umbrella include Ed Hardy and Lee Cooper.
Meanwhile, JD Sports’s new ownership of Finish Line’s 600 stores has given the UK firm an immediate and significant footprint in the US market.
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1 Comment. Leave new
1. Finish Line is a US retailer
2. Sports Direct didn’t sell their shares a day later – JD acquired them as part of the acquisition (clue is in the word acquisition).
Really badly worded article.