Sports Direct driven down on competion investigation

The share price of Sports Direct (LON:SPD) has dropped by 4.34% to 304.40p (as of 14:45 GMT) after it issued a statement in response to the Competition and Markets Authority’s decision to begin a Phase II investigation into the Footasylum acquisition.

CEO Mike Ashley commented: “I have been watching this from the side lines to date and now having had the opportunity of considering the CMA decision, I would now welcome the opportunity to provide the CMA with the correct market data. For example, our market share of Adidas Originals in Sports Direct is virtually zero“.