Mike Ashley sells 25 million Sports Direct shares

Mike Ashley, owner of Newcastle United football club and sportswear chain

Sports Direct, has managed to surprise analysts and investors across the country by selling a 223 million pounds stake in Sports Direct, days after shareholders balked at the 73 million pound bonus proposal scheme which would have seen Ashley gain free shares.

Ashley, who is currently caught up in a legal dispute after acquiring an 11 percent stake in House of Fraser from Sir Tom Hunter, sold 25 million shares in Sports Direct from his personal investment company Mash Holdings to Goldman Sachs, which is said to be equal to 7 percent of his holding. He still owns roughly 60 percent of the company which is worth over 3 billion pounds.

The shares sale is said to be Ashley's first sale in 2014 and sources at Sports Direct stated that the sale is not related to the ongoing dispute with House of Fraser. The price at which Ashely sold the Sport Direct stake to Goldman Sachs has not yet been disclosed, but the company's shares closed yesterday at 893.5 pence yesterday. The shares will most likely be sold between 850 pence and 870 pence.