Jul 13, 2017

Mike Ashley's Sports Direct buys 26% stake in Game Digital

Mike Ashley's Sports Direct has bought a quarter stake in struggling computer games retailer Game Digital, adding to his list of High Street holdings. Game said Sports Direct had bought 44 million shares, a 25.75% stake, adding that it looked forward to "Working collaboratively" with the company. "In a statement Game said:"Game is aware that Sports Direct has taken significant strategic equity stakes in a number of retail and brand businesses across both the UK and USA, and is a leading retailer which partners with major global brands and suppliers. "Well, the best that can be said about the latest bizarre investment by Sports Direct is that the stake in Game Digital only cost the company about £10m, such is the low level to which the Game share price has sunk." Shares in Game Digital jumped 15% on news of Sports Direct's purchase.

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