Sports Direct share sell-down gives Ashley £117m cash boost

 
Josh Martin
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Newcastle United and Sports Direct owner Mike Ashley wants to bolster his stake in Rangers
SPORTS Direct founder Mike Ashley has employed Goldman Sachs to help him reduce his stake in the company from 58 to 55 per cent. Goldman Sachs said it was placing up to 15.4m shares in the retailer on behalf of Ashley, which at yesterday’s closing share price of 760.5p, would be worth £117m.

Ashley, who also owns Newcastle United football club, is looking to increase his stake in beleaguered Scottish club Rangers from 8.96 per cent, but is being blocked by Scottish Football Association citing dual ownership rules.