Goldman Sachs is selling up to 15.4m ordinary shares in sports retailer Sports Direct on behalf of founder and deputy executive Mike Ashley.
In a statement the investment bank said it would immediately start selling the shares by way of an accelerated bookbuild to institutional investors.
At today’s closing price of 751p per share, that would see Ashley recoup around £117m.
The sale would see Newcastle United owner Ashley reduce his stake in Britain’s biggest sports retailer to 55 per cent from 58 per cent and enjoy a cash boost as he seemingly looks to increase his influence at Rangers.
Ashley has offered the financially crippled Scottish club a loan of £10m, but has demanded securities on its Ibrox stadium and Murray Park training ground as security.
The 50-year-old British businessman currently owns around 8.96 per cent of Rangers, but has been blocked by the Scottish FA in an attempt to triple that stake due to its dual ownership rules.