Newspaper article The Journal (Newcastle, England)

Sports Direct to Get PS80m from Deal Involving JD Sports

Newspaper article The Journal (Newcastle, England)

Sports Direct to Get PS80m from Deal Involving JD Sports

Article excerpt

MIKE Ashley's Sports Direct is reportedly set to receive PS80m from rival JD Sports' acquisition of US retailer Finish Line.

JD Sports is set to acquire Finish Line - which predominantly sells sports footwear - for a total of PS405.4m, or PS981p per share.

But the deal will also benefit Sports Direct, which owns 19.3% of Finish Line after building up eight million shares. Of these shares 3.632m are owned directly by Sports Direct, while a further 4.325m are held through contracts for difference with third parties.

If the deal goes ahead it means that Mr Ashley's business will receive PS78.5m for its holding in the US retailer.

Finish Line is one of the US's largest retailers of athletic footwear and accessories. The firm has 556 branded stores across 44 US states and Puerto Rico, and employs around 13,000 members of staff. It is also the exclusive retailer of athletics shoes for high end retailer Macy's.

Finish Line's senior management team will continue to run the business after the takeover. …

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