Chief executive Dave Forsey and finance director Bob Mellors each made around £6.4m after picking up a million cut-price shares apiece, before selling most of them at a large profit.
Mr Forsey and Mr Mellors each received a million shares at their nominal value of 10p each, and then sold 950,000 at 680p.
It leaves each man with a stake of just 50,000 shares in the company.
The sell-off saw the value of the stock, which was recently promoted to the FTSE 100, close the day down 10.5p, or 1.5%, to 698p.
Sports Direct reported pre-tax profits of £207.2m in the 12 months to April 28.