Sports products & clothing retailer Sports Direct has announced today that Founder Mike Ashley has sold £100 million of shares in the company.

Selling 25 million share for £4 per share, Ashley will retain 64.4 per cent of the retailer, or 385.4 million shares and has agreed not to dispose of any further shares for 365 days.

Ashley, who founded the retailer over 30 years ago and also owns football club Newcastle United, floated the business on the stock market in 2007 at 300p per share though analysts have speculated that the latest move may lead to a collapse of Sports Direct‘s share price.

Last week, Sports Direct reported a group sales rise of 21.1 per cent in its third quarter as it continues to reap the benefits of the collapse of rival JJB Sports.