Retail mogul Mike Ashley has become the key stakeholder in video gaming giant Game after its former largest shareholder unloads its stake.
Investment vehicle Duodi, which is wholly owned by Elliott International and Elliott Associates, has disposed of its entire 37 per cent stake in Game.
The disposition leaves Ashley, with 25 per cent, as the largest single influence on its board.
James Shinehouse, who represented Elliott on the board, is also stepping down.
Shares in Game fell 13 per cent on the news.
“Elliott has been an engaged investor, and I would like to thank them for their support of Game as we developed the operations and strategy of the business over the last six year,” said chief executive Martyn Gibbs.
Gibbs added that the board “have devised a strong growth strategy and are now well positioned to drive the transformation of our business, as we move from a seller of physical products to a provider of gaming experiences.”
Ashley acquired 44 million shares in the business back in July 2017, equating to a 25.57 per cent stake.
Elliott’s departure comes just a few weeks after Game revealed half-year profits to January 27 plummeted 25.5 per cent year-on-year from £16.5 million to £12.3 million.
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