Sports Direct has "nearly doubled its stake in Findel, reopening the battle for control of the online and catalogue retailer" just three months after failing to take a seat on the board, according to Mark Vandevelde of the FINANCIAL TIMES. The sportswear chain, controlled by its billionaire founder Mike Ashley, "used a derivatives contract" to take its stake in Findel to 29.8% -- just short of 30%, "the level at which it would be required to make an offer for the entire company." Sports Direct tried to appoint a representative to the Findel board at an extraordinary general meeting in December, "but was the only large shareholder" to vote in favor of its proposal. Investors such as Toscafund, Schroders and River & Mercantile "supported the existing directors." Ashley’s company has amassed stakes at several other retailers, including its rival JD Sports and the Debenhams department store chain, in which Sports Direct operates several concessions. Sports Direct shares fell 16% last week after Ashley appeared to issue an "informal profit warning to journalists during a warehouse tour." The company was later forced to clarify that profits would be "at or around the bottom of the range" it had indicated in January (FT, 3/29).
