Britain's biggest sporting goods retailer Sports Direct confirmed today that its founder Mike Ashley had sold a 2.6% stake in the company, raising £110m.
Shares in the firm were down 4.5% in early trade after Goldman Sachs said last night it was conducting the sale on Ashley's behalf.
Ashley sold 15.4 million shares at 720 pence per ordinary share, Sports Direct said, a 5.3% discount to their closing price of 760.5 pence.
The sale sees Ashley's total stake in Sports Direct fall from 57.7% to 55.14%, the company said.
