Shares in struggling Sports Direct rose more than 13 per cent yesterday after two long-standing directors purchased 2 million shares and the retailer resumed a share buy-back programme.

Sports Direct chief executive Dave Forsey and finance director Bob Mellors each bought 1 million shares on Wednesday at 98.5p each.

Its shares, which opened the week at 94.5p, closed yesterday at 114.5p as controversial founder and deputy executive chairman Mike Ashley embarked on a City charm offensive, including an EGM on Wednesday.

In early morning trading today, Sports Direct’s shares continued to rise to 116.5p.

The retailer resumed its share-buy back programme within hours of being granted shareholder approval to buy back a further 5 per cent of its equity at the EGM.

On Wednesday, Sports Direct reported that pre-tax profits plummeted 35.2 per cent to£52 million and group revenue fell 7.1 per cent to£668.1 million in the 26 weeks to October 28.

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