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JD Sports founder halves stake

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Date: Tuesday 06 Jul 2004

LONDON (ShareCast) - Takeover rumours were flying around John David, the high street clothing retailer behind JD Sports, after it emerged that co-founder John Wardle halved his stake in the group.

Non-executive director Wardle sold 5.4m shares at 185p per share to clothing manufacturer Pentland Group, which counts Speedo, Ellesse and Red or Dead among its brands.

The disposal, which freed up more than £10m for Wardle, still leaves him with a stake of 6.8m shares, equivalent to 14% of the company.

Wardle stressed his ongoing commitment to JD Sports, saying “The reason for the sale is to allow me to diversify my investment portfolio as I move towards retirement.”

The group has been beset by problems in recent months, culminating in May when John David reported a nosedive in profits to just £2.1m against £10.8m a year earlier.


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