Sports Direct dumps JD shares as BHS remains in play

3rd May 2016 21:18

(ShareCast News) - Sports Direct has continued to dispose of shares in rival JD Sports as chairman Mike Ashley eyes a move to rescue the collapsed BHS chain.The sports goods discounter sold 1.45m shares, taking its stake to 9.68m or 4.97%, from the previous 11.13m or 5.72% it was left with after its recent sales in April and March.Notifying the sale it made the sale last Thursday when the shares breached the 1,245p mark, Sports Direct could have netted almost £18m.In 2008, with JD trading at not much more than 100p, Ashley took a position in the John David Group as it was called then of 12.4%.JD Sports shares last year surged from just below 480p to 1,040p by the end of 2015 and have kept on going, while Sports Direct has stumbled from last summer's near-800p high to below 350p in March amid criticism of the way its workers are treated, a profit warning in January and recent wrangles with parliament.But over the weekend, Ashley confirmed that he had offered to buy BHS, saving its entire store estate and thousands of jobs.Although the tycoon was unable to agree a deal before administrators were called in last Monday, he confirmed to the Sunday Telegraph that he was still trying to seal a deal, and that it should not involve any job losses.