90% profits dive for Newcastle owner's sports firm

Mike Ashley’s Sports Direct International today reported a 91% dive in profits after its “strategic stakes” in rival retailers were frozen.

The Newcastle United owner’s sportswear firm, which trades as Sports World and Field & Trek, said its assets in other retailers – including JJB Sports, JD Sports Fashion, Blacks Leisure and sports equipment firm Amer Sports – had been written off after its Icelandic banking partner went into administration.