UK retailer Sports Direct has completed the sale of its Dunlop sports brand to a Japanese buyer for US$137.5m.

The company has sold its rights to the brand and related wholesale and licensing businesses to affiliates of Sumitomo Rubber Industries Ltd (SRI).

The agreement was first announced in January, and was said to be in line with Sports Direct's aim to become the "Selfridges" of sports retail, including its renewed focus on its core UK business and the development of its relationships with third party brands.

Sports Direct to sell Dunlop for US$137.5m

SRI confirmed that, now the transaction is complete, the acquiring entity is Dunlop International Co. Ltd., a newly established joint venture between SRI and our sports business subsidiary, Dunlop Sports Co. Ltd. (DSP).

The company adds Dunlop International Co will operate and manage the newly acquired sporting goods and licensing business, while the Sumitomo Rubber Group as a whole will continue to create, implement and promote strategies to enhance the global value of the Dunlop brand and improve the overall profitability of the entire group.