Elverys gets management buyout after Irish court decides against Mike Ashley

Interested parties, including Sports Direct, had to submit investment proposals to ensure the survival of the business

Sports Direct has missed out on a chance to expand its business in Ireland after a court ruled that a management-led buyout should take over the struggling Elverys chain. The ruling is a disappointment for the British retailer, founded by the Newcastle United owner, Mike Ashley, who tried to elbow his way into takeover talks in January.

Sports Direct already owns a 50% stake of the Heatons department store chain in Ireland but hoped the acquisition of Elverys would help it get around restrictions on its sales of replica local rugby kit by the sports brand Adidas.

via Business Feeds

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