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Ashley Makes Move To Buy Out Umbro
Sports Direct owner Mike Ashley has emerged as the frontrunner to buy Umbro, the football kit-maker put up for sale by Nike last week.
Nike said last week that it wanted to offload Umbro and Cole Haan, a leather goods company, to increase its focus on its core brand and on faster-growing labels such as Converse.Umbro, founded in 1924, provides the kits for Rangers and Manchester City.Sports Direct owned a 30 per cent stake in Umbro before its takeover.The company, which owns brands Lonsdale and Slazenger, has set a new “stretched” target for Ashley, who as executive deputy chairman receives no pay but will pick up eight million shares if the company’s earnings rise by 70 per cent to £340m in 2015.
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