Britain's biggest sporting goods retailer Sports Direct confirmed on Wednesday its founder Mike Ashley had sold a 2.6 per cent stake in the company, raising £110 million.

Shares in the firm were down 4.5 per cent in early trade after Goldman Sachs said late on Tuesday it was conducting the sale on Mr Ashley’s behalf.

Mr Ashley sold 15.4 million shares at 720 pence per ordinary share, Sports Direct said, a 5.3 per cent discount to Tuesday’s close of 760.5p.

The sale sees Mr Ashley’s total stake in Sports Direct fall from 57.7 per cent to 55.14 per cent, the company said.

Sports Direct, the listed sporting goods retailer that owns 50 per cent of Irish department store Heatons, has over 434 sports stores in the UK and 270 elsewhere in Europe.

Reuters