Sports Direct agrees to Umbro sale

Sports Direct has agreed to Nike's planned acquisition of Umbro. Sports Direct today sold 29,069,977 Umbro shares to Nike Vapor, a subsidiary of Nike Inc.

The sale went ahead for £56m and Umbro agreed to support Nike's offer for the sportswear brand by selling it its remaining shares.

Sports Direct held almost 30% of Umbro's shares. The proceeds of the sale will be used to reduce borrowings.