Sportswear billionaire Mike Ashley has sold his stake in Adidas, earning him a windfall in a short amount of time. The Financial Times estimates his profit at a minimum of €43 million over a mere eight week period. Ashley, who is the founder of Sports Direct International, caused a shake-up when he started building a stake in the German sportswear giant two months ago, particularly when his identity was not yet known. The industry speculated about his motivation, but Adidas was unconcerned.
On 14 May, Ashley let Adidas know he had sold his stake to below 3 percent, and it is now believed that he has sold his entire share in the company. It is estimated that if he acquired only 3.14 percent in Adidas, he would have made €43 million. Some believe his stake was actually bigger.