Sports Direct has denied media claims that it is to make nearly £80m from JD Sports Fashion’s deal to buy US sports retailer Finish Line.
Sports Direct has built up a 19.3% stake in Finish Line, but has said any gain from the sale would be “a fraction” of the £80m mooted.
In a statement the retailer said: “A headline in the Daily Mail on 1 May 2018 referred to ‘Sports Direct’s £80m gain’ in relation to Sports Direct’s holding in Finish Line. This figure is wholly inaccurate, as any gain to Sports Direct would be a fraction of that amount.”
JD Sports entered into an agreement to buy Finish Line in a deal worth $558m (£396m) last month.
The conditional agreement will see the Bury-based retailer acquire 100% of the issued share capital of Finish Line at a price of $13.50 (£9.53) per share.
Finish Line is one of the largest retailers of premium multi-branded athletic footwear, apparel and accessories in the US.