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Sports Direct buys stake in specialist online retail firm

MIKE Ashley's Sports Direct International has taken a 4.8 per cent stake in the recently floated specialist online retailer MySale Group.

MySale, which counts Sir Philip Green among its major shareholders as he holds 22 per cent through the Shelton Capital fund controlled by his wife, runs clearance sales for a wide range of fashion brands.

It had a rough start to life on the Alternative Investment Market after its shares were mistakenly listed at the wrong price on Monday which triggered a major sell-off. The business was valued at £340.5 million at its original 226p price.

Sports Direct, which has a growing international presence, said it is hopeful of working on areas including joint venture opportunities in Australasia and Asia.

Shares in MySale closed up 13.5p at 201p yesterday.

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