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Sports Direct buys 26% stake in Game Digital Sports Direct buys 26% stake in Game Digital
(35 minutes later)
The founder of Sports Direct, Mike Ashley, has added a near 26% stake in the struggling video games retailer Game Digital to his string of high street investments.The founder of Sports Direct, Mike Ashley, has added a near 26% stake in the struggling video games retailer Game Digital to his string of high street investments.
Game Digital said Sports Direct, controlled by the billionaire, had acquired 44m shares, amounting to a 25.75% stake. Game released a profit warning last month due to a shortage of supply of Nintendo’s new Switch console. Game Digital said Sports Direct, controlled by the billionaire, had acquired 44m shares, amounting to a 25.75% stake. Game released a profit warning last month due to a supply shortage of Nintendo’s Switch console.
Ashley has built up a business empire by buying stakes in Debenhams, French Connection and home shopping retailer Findel, through Sports Direct or investment vehicles. Ashley has built up a business empire by buying stakes in Debenhams, French Connection and the home shopping company Findel, through Sports Direct or investment vehicles.
Game said in a statement to the London stock exchange that it was aware Sports Direct had taken “significant strategic equity stakes in a number of retail and brand businesses across both the UK and US”, and said it was “pleased that the strategic value of the group has been recognised by Sports Direct”.Game said in a statement to the London stock exchange that it was aware Sports Direct had taken “significant strategic equity stakes in a number of retail and brand businesses across both the UK and US”, and said it was “pleased that the strategic value of the group has been recognised by Sports Direct”.
It added: “The group looks forward to working collaboratively with Sports Direct to explore the clear opportunities that a constructive partnership and collaboration can deliver for all stakeholders in the gaming, live events and rapidly growing esports markets in which it operates.” It added: “The group looks forward to working collaboratively with Sports Direct to explore the clear opportunities that a constructive partnership and collaboration can deliver for all stakeholders in the gaming, live events and rapidly growing eSports markets in which it operates.”
Sports Direct, Britain’s second-biggest sports retailer, has come under fire for its working practices, after Guardian investigation that revealed the retailer was in effect paying staff in its warehouse less than the minimum wage. A report by MPs later accused Ashley of running Sports Direct like a Victorian workhouse. Sports Direct, Britain’s second-biggest sports retailer, has been under fire over its working practices since a Guardian investigation revealed that it was in effect paying warehouse staff less than the minimum wage. A report by MPs later accused Ashley of running Sports Direct like a Victorian workhouse.