Mike Ashley sells Sports Direct shares worth £218m

Sports Direct founder Mike Ashley is planning to sell £218m of his majority stake in the retailer. The news comes after Sports Direct snapped up an 11% stake in House of Fraser from Scottish tycoon Sir Tom Hunter recently.

Ashley is selling up to 25 million shares, reducing his stake in the sports retailer from 62% to 58%. His remaining stake in Sports Direct is worth £3bn.

Sports Direct broker Goldman Sachs is rumoured to be selling shares between £8.50 to £8.70 a share.

Last week, the Sports Direct board voted against Ashley’s £70m bonus.

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