Share price slumps
Reclusive retail entrepreneur Mike Ashley suffered a blow yesterday as investors failed to buy shares worthÂŁ140 million in his recently floated empire, Sports Direct.

The 46.4 million shares had been set aside by Ashley to meet anticipated demand from City funds after the company, which has 465 shops including the Sports World chain, floated atÂŁ2.2 billion last month.

Despite a strong flotation price of 300p, the share price of the UK's biggest sports retailer has since slumped to 272.75p today, valuing the company atÂŁ1.84 billion.

The unsold shares have been returned to Ashley, who madeÂŁ929 million when he sold a 43 per cent stake in Sports Direct in February. He retained ownership of the remaining 57 per cent of the business.

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