Mike Ashley's Sports Direct chain has sold its 8.8m shares stake in Amer Sports Corp, which is listed on the Helsinki Stock Exchange, for EUR166.6m (GBP116.2m).

The company had purchased EUR58.4m (US$78m) worth of shares in Amer, a multi-branded manufacturer and marketer of sports equipment and technical apparel, back in June before increasing the stake further.

Sports Direct, which last week upped its shareholding of Nike target Umbro to nearly 30%, said that the proceeds of sale will reduce group borrowings.

It commented in a statement to the London Stock Exchange: "The disposal is consistent with the company's policy of making and retaining strategic investments for so long as the holdings of such investments provide the company with the opportunity to gain a strategic and commercial advantage."