Mike Ashley is cutting his stake in Sports Direct from 58% to around 55% by selling 15.4 million of ordinary shares, Goldman Sachs has revealed.
The sportwear retailer’s founder and deputy executive’s 2.6% of shares are worth £117m, based on Tuesday’s closing price of 751p per share.
It comes just one week after part of Ashley’s USC young fashion chain fell into administration before being sold to another of his interests, Republic.
The tycoon previously sold 7% of his holding, worth £217m, in April 2014, causing shares to drop 9%.
News reports suggest Ashley could use cash from the sale to increase his stake at Rangers FC, of which he owns just under 9%.
Sports Direct has not confirmed the sale directly and was not available for comment.