Elverys bosses win takeover bid

The management team of Elverys Sports, led by chief executive Patrick Rowland, has emerged as the winning bid in the hotly-contested battle for control of the sports retail chain.

The management team fought off bids from British retailer Sports Direct, which is controlled by Newcastle United owner Mike Ashley, and from Irish department store Heatons, in which Mr Ashley has a stake.

It was announced yesterday that the examiner to Elverys Sports, Simon Coyle of Mazars, has approved the management’s bid for the company, in a move that will secure 700 jobs.