// JD Sports to sell Sports Unlimited Retail to Iberian Sports Retail Group for £14m
// Sports Unlimited Retail operates under the Aktiesport and Perry Sport fascias in The Netherlands
// As majority owner of Iberian Sports Retail Group, JD Sports will continue to make strategic decisions regarding Sports Unlimited Retail
JD Sports is set to offload Sports Unlimited Retail to Iberian Sports Retail Group, its 50.02 per cent-owned subsidiary based in Spain, for €16.5 million (£14 million).
The British retail giant said it has agreed non-binding headline terms for the disposal of Sports Unlimited Retail, which is a wholly owned company based in The Netherlands operating under the Aktiesport and Perry Sport fascias.
JD Sports said the rationale behind the sale was that Iberian Sports Retail Group is more focused on the sporting goods sector than the core JD Sports brand.
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JD Sports also felt that the management team of Iberian Sports Retail Group will be better placed to drive growth and higher returns in Sports Unlimited Retail longer term.
However, as the majority owner of Iberian Sports Retail Group, JD Sports would continue to make strategic decisions regarding Sports Unlimited Retail’s future.
The sale is expected to complete on June 30.
“We have an excellent management team at Iberian Sports Retail Group and, having successfully integrated the Sport Zone business into its operations, this is the right time for Iberian Sports Retail Group to further expand its geographical reach,” JD Sports executive chairman Peter Cowgill said.
“By consolidating our sporting goods businesses under the Iberian Sports Retail Group umbrella, we are absolutely confident that the transfer of Sports Unlimited Retail’to Iberian Sports Retail Group will bring long term development opportunities to both the team at Sports Unlimited Retail and their international brand partners.”