Mike Ashley’s Sports Direct on track for FTSE 100 promotion

THE FTSE 100 is set to become a more colourful place this week with Sports Direct – controlled by Newcastle United owner Mike Ashley – on track for promotion to Britain’s leading share index.

Many pension funds that track the FTSE 100 will then be obliged to buy shares in the company, which has both delighted and frustrated investors in recent years. Despite a soaring share price, many investors have been put off by Ashley’s unusual management style.

Sports Direct is currently worth £4.2bn, placing it well within the top 100 most valuable companies on the London Stock Exchange.

Other firms likely to be promoted to the FTSE 100 at Wednesday’s quarterly review include Coca Cola Hellenic – which was previously listed in Greece – and packaging firm Mondi.

Companies set to drop to the FTSE 250 include outsourcer Serco, energy company Wood Group and embattled resources firm ENRC.

Partnership Assurance – which completed a successful initial public offering earlier this year – is set to be promoted to the FTSE 250.