Sports Direct takes stake in Iconix

Sports Direct owner Mike Ashley have managed act on his established interest in sportswear label Umbro by acquiring a stake in its parent company, Iconix Brand Group.

The British sportswear conglomerate has acquired an indirect economic interest in 4.3 million Iconix shares, equal to 9 percent of the company, according to a filing at the Securities and Exchange Commission . The stake was built up over the course of seven weeks last month, according to WWD, with interest acquired through "contracts for differences" entered into with Monecor.

The indirect economic interest does not mean that Ashley holds sway over Iconix, as the filing states that Sports Direct "does not have the power to vote or direct the vote, or power to dispose or direct the disposition, of any of the shares," but it does put the billionaire one step closer to Umbro, which can be seen as a vital brand for Sport Direct, given its roots in English football.

News of the acquisition comes not long after Iconix was cast in the media spotlight following the exit of its founder, chairman and chief executive officer, Neil COle and the launch of an ongoing investigation led by the Securities and Exchange Commission.