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Sports Direct sells stake in JJB Sports

Sports Direct has offloaded its 5% directly-owned stake in rival retailer JJB Sports.

Sports Direct has sold 11.94 million shares held in JJB Sports, equivalent to just under 5% of the issued shares.

However, Sports Direct deputy chief executive Mike Ashley is believed to hold up to another 15% of JJB Sports shares via contracts for difference.

It is unclear who the buyer of the stake sold by Sports Direct is, but the sale sparked rumours that JD Sports Fashion could have picked up the shares. JD Sports Fashion has been linked to a possible bid for JJB Sports and already has a stake of just under 10% in JJB Sports.

Like-for-like sales at JJB Sports dropped 23.3% for the 16 weeks to May 17 and total sales fell 42.1% over the period, after the retailer was struck by severe stock shortages.

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