Sports Direct exits as JD reaches Finish Line on deal
Company sells 19.3 per cent stake
Sports Direct has divested all interest in UK sportswear retailer Finish Line, after rival JD Sports completed its $558 million (£396 million) acquisition of the retailer.
Sports Direct had built up a 19.3 per cent stake in Finish Line but the company has now fully disposed of its interest in the retailer.
The move comes after Sports Direct denied speculation that it would stand to make £80 million from its rival’s takeover of Finish Line.
The Mike Ashley-owned company has now bought shares in Iconix Brand Group, representing 8.6 per cent of the issued common stock of the company, and earlier this month it nominated four people to stand for election on the Iconix board.