Sports Direct has sold its 5 per cent stake in rival JJB Sports.

The disposal followed yesterday’s news that a mystery investor bought just under 12 million shares in JJB, the same amount bought last year by Sports Direct founder Mike Ashley.

The identity of the buyer is yet to be revealed, but rival JD Sports has been touted as a potential investor and has been linked with a bid for JJB this month.

At the end of last year, Ashley said that he would not continue his stake building spree, which included taking positions in JJB, JD Sports and Blacks Leisure.