Umbro shareholders back Nike takeover

England football shirt maker Umbro is to be taken over by US sports giant Nike after a £285 million deal was rubber-stamped today.

The British sports kit maker said more than 99% of shareholders voted for the takeover.

The boards of both companies agreed the deal in October, but needed to convince JJB Sports and the Mike Ashley-controlled Sports Direct International – who together owned around 40% – to back the tie-up.

They gave the takeover the green light earlier this month.

After today’s Umbro meeting, Nike said it now expected to complete the acquisition by early March.

Nike’s president and chief executive, Mark Parker said the deal would see investment ploughed into the “iconic” football brand, and a continuation of the relationship with England’s football chiefs.

He said: “We are pleased that shareholders have accepted our offer, and we are excited to have Umbro join the Nike Inc family.

“We look forward to completing the acquisition, working with the Umbro team and investing in the long-term growth of this iconic football brand, and continuing a strong relationship with the Football Association.”

As well as kit for the England football team, Umbro makes shirts for six Premier League clubs including Everton, West Ham and Wigan, while its brand is endorsed by players including John Terry and Michael Owen.

The firm was founded in 1924 and has worked with the FA since 1984.

FA chief executive Brian Barwick gave the takeover his blessing when it was announced last year.