Sports Direct tycoon Mike Ashley offers to buy Footasylum from troubled arch-rival JD Sports
Sports Direct tycoon Mike Ashley has offered to buy Footasylum from arch-rival Peter Cowgill’s group JD Sports, according to reports.
Ashley’s approach comes weeks after the Competition and Markets Authority (CMA) ordered JD Sports to sell the trainer company.
JD Sports bought Footasylum for £90million in March 2019 – but regulators are concerned that it reduces choice for shoppers.
Competition fears: JD Sports (whose festive ad campaign has featured pop star Rita Ora, pictured) is valued at almost £11bn and is listed on the FTSE 100
Cowgill’s group has said the CMA’s decision is ‘inexplicable’ and ‘defies logic’.
Ashley has notified the CMA that he is keen to buy the shoe group, the Sunday Times reported.
JD Sports,whose festive ad campaign has featured pop star Rita Ora, is valued at almost £11billion and is listed on the FTSE 100.
This is much bigger than Frasers Group, which is worth £3.8billion and on the FTSE 250.