Sports Direct, the sportswear group run by controversial entrepreneur Mike Ashley, has sold its stake in Finnish sports equipment manufacturer Amer Sports for about £116 million.

Since first buying into the Helsinki-listed group in June and lifting its stake to 12 per cent in September, the retail giant has made a profit of about£25 million. The retailer said the proceeds of the sale will help reduce Sports Direct’s borrowings.

It also said the disposal was consistent with its policy of “making and retaining strategic investments for so long as the holdings of such investments provide the company with the opportunity to gain a strategic and commercial advantage.”

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