Mike Ashley is selling 15.4m shares in Sports Direct, a deal that is expected to net around £117m at Tuesday’s closing share price.
As a measure of his immense wealth, the deal will mean his stake in SD will only reduce from 57.7% to 55%.
Reuters have reported that Goldman Sachs have been employed by Ashley to sell the shareholding and they will go to institutional investors, with the sale going through ASAP.
The last time when Mike Ashley sold part of his Sports Direct stake in April, it had a big negative effect on the share price.
At the moment it is unclear just how much of the £117m Ashley will invest in the Newcastle United playing squad…
Life just gets better and better for Mike Ashley despite the minor irritation of Rangers, even getting £3.5m for the disposal of Alan Pardew.
The Newcastle United financials for 2013/14 are also due to be released shortly and are expected to show a profit of around £50m for last season.