Sports Direct sells MySale stake

Mike Ashley's Sports Direct International Plc sold its 4.8% stake in MySale Group Plc for an undisclosed amount after the Australian online group withdrew from the UK market.

Shares in MySale Group closed 11% higher at 7p, while Sports Direct International were down 2% at 287.60p on Monday.

In June 2014, the MySale shares began selling at 229p, which would have valued the Sports Direct stake at about £15m.

At the beginning of May, MySale sold British private sale website Cocosa in a £1.5m deal to fashion retailer BrandAlley. The business was the group’s main British trading website, and the sale marks part of its plan to exit the region to focus on its core markets in Australia and New Zealand.

Yesterday, news broke that the Sports Direct group is attempting to gather support for a legal challenge to Debenhams’ restructure package approved earlier this month.