Sports Direct buys back into Wilson rackets owners (From This Is Lancashire)

Sports Direct buys back into Wilson rackets owners

12:00pm Thursday 24th January 2008 in

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Sports Direct International, which owns the Sports World retail chain of 400 outlets, has unveiled a cut-price deal to restore its holding in the Wilson rackets parent firm, Amer Sports Corporation.

Sports Direct has paid £36 million for a 4.96 per cent stake - just two months after netting £116.2 million from selling its previous Amer shares.

Sports Direct - majority owned by Newcastle United businessman Mike Ashley - said Helsinki-based Amer met its criteria for strategic investments.

Amer also has winter sports, fitness and diving equipment brands.

Sports Direct wants to create value for the company's shareholders through investment.

Last month, it sold two-thirds of its 30 per cent stake in Umbro to Nike for £56.1 million.

Despite a tough year in sports retail, partly due to bad weathr and England's failure to qualify for Euro 2008, Sports Direct expects to meet its profit forecasts, it said.