Sports Direct boss holds stake worth £183m

Secretive entrepreneur Mike Ashley has bought a 3.14 per cent stake - worth about£183 million - in German sportswear group Adidas.



The information was published on the German stock exchange yesterday and the filing, which was sent on Friday, revealed Ashley as the purchaser.



The billionaire floated Sports Direct - the UK’s largest sportswear retailer - last month and netted about£929 million. At the time, he stated his aim was to create the biggest sports retailer in the world.



Sports Direct is also understood to be on the brink of acquiring online sports goods retailer M and M Direct for up to£75 million.



Ashley is believed to be leading discussions, which are now at an advanced stage. Private equity firm ECI, which owns a significant stake in M and M, appointed corporate finance firm Deloitte several weeks ago to evaluate strategic options for the business.