Flotation to net sports chain chief £800m

UK entrepreneur Mike Ashley was poised for an £800m (€1.2bn) windfall today after announcing plans for the flotation of his Sports World retail empire.

Mr Ashley will sell around 40% of his stake in Sports Direct International when the company he founded in 1982 lists on the London stock market.

Shares were priced today at a range of 250p to 310p, giving the business a market value of between £1.8bn (€2.7bn) and £2.23bn (€3.3bn).

The Sports Direct business includes 465 stores under fascias such as Sports World, Original Shoe Company and Lillywhites. It also owns a portfolio of sports brands, including Donnay, Dunlop, Kangol and Karrimor.