Sports Direct International PLC, the United Kingdom’s largest sporting-goods retailer, on Tuesday raised US$1.82 billion (929 million pounds; euro1.4 billion) in an initial public offering after owner Mike Ashley sold a 43 percent stake in the business.

Ashley, 42, founded Sports Direct in 1982 with a single store and has taken its Sports World discount banner from third place in the U.K. sporting goods market to top spot in the space of three years, according to the Associated Press. It now has 408 Sports World locations in the U.K. along with outlets in Ireland, Belgium, the Netherlands and Slovenia; and operates the website, sports-world.com and sportsdirect.com. The stores feature a “bargain basement” strategy offering discounts from 50% to 70%. Brands include Nike, Adidas, Reebok, Umbro, Puma, Diadora, Fila, Dunlop, Slazenger, Lonsdale and Karrimor.

Sports Direct, based in Dunstable, England, also operates the more upscale Lillywhites chain, including the legendary five-floor shop on the edge of Piccadilly Circus; as well as the Original Shoe Company. In total, it has 465 stores. Sports Direct also holds a portfolio of international sports and leisure brands, including Slazenger, Dunlop, Lonsdale, Donnay and Kangol.

In fiscal 2006, Sports Direct's earnings before interest, tax, depreciation and amortization were $285 million (145 million pounds) on revenue of $2.33 million (1.19 billion pounds), the company has said.

“We believe Sports Direct has the potential to become the leading, most profitable sports retailer in the world. Following a review of the options, we have decided that listing the business is an important step in achieving this aim,” said Ashley in a statement.

The proceeds received by Ashley could rise to US$2.2 billion (1.1 billion pounds) if he exercises an option to sell more shares. Ashley, who holds the position of executive deputy chairman at the company, also owns stakes in John David Group, JJB Sports and recently bought a 29.7% stake in Blacks Leisure.

David Richardson, a former finance director of pubs operator and hotelier Whitbread Plc, is non- executive chairman, with Dave Forsey as CEO.