The Swiss bank played a key role in the flotation of the retailer in February last year. Sports Direct has appointed Kaupthing Singer and Friedlander to replace Credit Suisse.
Merrill Lynch, which also helped float Sports Direct, will remain as the retailer's house broker.
Controversial Sports Direct boss Mike Ashley has had several high-profile run-ins with the City since the company’s flotation and the retailer has been heavily criticised over its breach of corporate government guidelines. The value of the retailer’s shares has also fallen dramatically since it became a public company.
Sport’s Direct also had its knuckles rapped by the Office of Fair Trading over complaints that it was misleading customers with closing-down sales promotions at stores that were never actually shut.
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