Mike Ashley in clear after Sports Direct fraud probe

SPORTS Direct yesterday said none of its employees were now under investigation by the Serious Fraud Office as it also gave details of a £220m refinancing package.

In March 2010 the Competition Commission formally cleared Sports Direct’s acquisition of 31 stores from struggling rival JJB Sports and in October 2010 the Serious Fraud Office (SFO) completed its investigation into Sports Direct and JJB over alleged price fixing. No charges were brought on a corporate level but the SFO had said the investigation in relation to individuals would continue.

Meanwhile the company, owned by Mike Ashley, said it had sealed a new three-year unsecured £220m refinancing facility through a club of 10 banks led by HSBC, Barclays and Handelsbanken. Its shares rose after the announcement.