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Ashley makes "surprise" £200 million sale of Sports Direct shares

Newcastle United owner Mike Ashley has sold more than £200 million worth of shares in Sports Direct, a report from the Telegraph says.

The deal was later confirmed by a note to shareholders from Sports Direct, which said Mr Ashley’s MASH Holdings Limited had sold 24 million shares at a price of 850p each.

News of the deal surfaced on Monday night when Mr Ashley reportedly sold shares equivalent to around 7% of his stake in the firm.

The move follows Sports Direct’s purchase of an 11% stake in House of Fraser on the eve of a deal which was to see the retailer sold to Chinese conglomerate Sanpower.

It also follows the failure of the Sports Direct board to gain approval for a £73 million bonus scheme that would benefit Mr Ashley.

This was posted in Bdaily's Members' News section by Tom Keighley .