Profit made in eight weeks
Retail tycoon Mike Ashley has reportedly sold his shares in German sportswear group Adidas, for a profit of nearly£30 million.

The exact figure has not been made public, but it is thought that Ashley made at least£29 million by buying and selling his shares over an eight-week period. In March, the disclosure of his share purchase prompted analyst upgrades and Adidas shares to soar from Eu39.18 to Eu45.47 (£26.56 to£30.82).

The billionaire floated Sports Direct, the UK's largest sportswear retailer, in February and netted about£929 million. However, the sportswear giant has been the cause of much speculation since being made public, following a thinly veiled profit warning in April and the resignation of chairman David Richardson at the end of May.

At the time, Richardson said that he had been unable to establish a strong working relationship with the executive team. Shares in Sports Direct fell further yesterday, down by 5.25p to 190.75p.