// Sports Direct exits MySale stake in latest bad investment for Mike Ashley
// It is not known how much its 4.8% stake was sold for, but MySale shares were 7p at day’s end yesterday
// Sports Direct had been MySale’s fourth largest shareholder at one point
Mike Ashley’s Sports Direct has sold off its stake in Australian online retailer MySale, according to stock market filing yesterday.
While it is not known how much Sports Direct sold its 4.8 per cent stake for, MySale shares were valued at 7p when the stock market closed yesterday.
The news comes after series of disappointing sets of results and updates for MySale.
It’s thought that Sports Direct first invested in the online retailer in June 2014, when the share price stood at 229p.
At the time, Sports Direct’s stake would’ve been valued at around £15 million and at one point, it had been MySale’s fourth largest shareholder.
However, in its filing Sports Direct attributed its decision to sell to “an acquisition or disposal of financial instruments”.