Sports Direct founder and chief executive Mike Ashley has transferred his entire stake in the sports retailer to a company wholly owned by himself.

The transfer is the latest move by Ashley who has been linked to stakebuilding in rival JJB Sports.

Yesterday, Ashley moved 410.4 million shares at 10p each in to MASH Holdings. MASH Holdings now owns 71.2 per cent of Sports Direct.

Yesterday, sources said that Ashley bought a 23 per cent stake in JJB owned by former JJB chief executive Chris Ronnie.

The shares were auctioned off by Kaupthing who took control of the 65 million shares after they were transferred without JJB’s knowledge, leading to the dismissal of Ronnie.