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Sports Direct overlooks brokers for Umbro stake building

Sports Direct, the UK retailer controlled by billionaire businessman Mike Ashley, has eschewed using either of its brokers to advise on the sale of its interest in rival Umbro, which has accepted a takeover offer from US sportswear manufacturer Nike.

Kaupthing advised Sports Direct on its purchase of a 15% holding in Umbro this month. The acquisition made Sports Direct the third largest shareholder of Umbro.

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