Sports Direct, the UK retailer controlled by Mike Ashley, sold its entire stake in Amer Sports for €166.6m ($242 million).

“The proceeds of sale will reduce group borrowings,” Sports Direct said in a statement.

The retailer has made a profit of around £25m since first buying into
the Helsinki-listed group in June and raising its stake to 12 percent
in September. At the time it said it was a “strategic investment.”

Yesterday, it 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”.

Since Sports Direct's flotation in February, it has acquired the US
boxing equipment manufacturer Everlast, 60 percent of outdoor clothing
and equipment company Field & Trek, and a 25 percent stake in Umbro.