Sports Direct to buy £87m of property from Mike Ashley - Telegraph
The agreed price is 60pc higher than the most recent vacant possession valuation carried out by estate agents CBRE.
The cash price is based on the amount Mr Ashley paid for the 32 properties as he accumulated the portfolio over a 15-year period. Many of the purchases were made before the recession and crash in commercial property prices.
In a Stock Exchange announcement Sports Direct justified the price by suggesting rents paid on the properties, £5.2m per year, could rise by 50pc when the leases come up for renewal in March.
Separately, Sports Direct also announced that the Office of Fair Trading has "provisionally" decided to close its investigation into anti-competitive practices among sports goods retailers.
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