Footwear group Global Brand Marketing (GBMI) has sold off the Pony sports brand to Infinity Associates and Symphony Holdings, who have previously teamed up to buy businesses such as  Converse and Haggar.

GBMI will consult with Sharp Gains under a management services contract and will assist with components of the transition for a limited period following the closing of the sale.

CEO of GBM, Killick Datta, said: "By selling our majority interest in Pony we have significantly improved the financial strength of GBMI. As we look to 2007 and beyond, we are now poised for further growth, both organically and through additional acquisitions and/or licensing opportunities."

GBMI's other brands include Dry-shoD, Dry-shoD Verde and FunFlopps.

Pony has now appointed Nike-ex Dave Edwards as president and COO. Edwards spent 19 years in several senior executive positions at sports giant Nike.

He said: "I am excited to have the opportunity to continue building Pony. The potential to develop both the heritage and performance product ranges of this dynamic 34-year-old brand is limitless. I look forward to establishing close relationships with Pony's customers, suppliers and partners around the world."