Sports Direct has bought a 4.96 per cent stake in multi-branded sports equipment and apparel manufacturer Amer Sports Corporation.

The sports group paid €48.2 million (£36 million) – about €13.5 (£10.08) a share – for the stake.

Sports Direct sold an earlier investment in Amer Sports on November 7 for about €19 (£14.18) a share.

Sports Direct said Amer fits its criteria for strategic investments. The sports group, fronted by controversial entrepreneur Mike Ashley, believes such investments provide it with the opportunity to gain strategic or commercial advantages.

Amer Sports, listed on the Helsinki Stock Exchange, has major brands including Wilson, Salomon, Precor, Atomic and Suunto.

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