Business

Retail tycoon's stake slumps

THE value of Mike Ashley's stake in Sports Direct took a £300 million hammering yesterday following a surprise move to sell some of his shares. The FTSE 100 group slumped by 10 per cent after Mr Ashley yesterday raised £204m in a sale that reduced his stake from 61.7 to 57.7 per cent. The disposal came just days after a shareholder revolt forced the company to scrap a scheme that could have rewarded the Newcastle United owner with a shares windfall worth potentially more than £70m. The deputy executive chairman has not received a salary or bonus since the flotation in 2007. Mr Ashley sold the shares to institutional investors at 850p, compared with a recent high of 924.5p earlier this month. The move spooked the City, causing the stock to fall to around 800p and valuing it at nearly £4.8 billion.