Mike Ashley’s Sports Direct has agreed a deal to sell the company’s headquarters for £120m.
The Derbyshire-building has been sold to KWAA Logix Sportivo, which is thought to be owned by the Malaysian Employees Provident Fund.
Following the deal, Sports Direct will take a 15-year lease on the Shirebrook property. The site will continue to operate as its distribution centre, offices, and retail business.
Sports Direct will use the sale proceeds to boost its working capital and put towards its group operations.
The sale is expected to be completed before June 21 2019.
The property deal has been announced at the same time that Mike Ashley has entered into negotiations to potentially sell Newcastle United.
Dubai-based billionaire Sheikh Khaled bin Zayed Al Nehayan has tabled an offer to buy the club from Mr Ashley. While the club has remained tight-lipped about the deal it has confirmed that talks are going ahead.
The Bin Zayed Group has contacted ChronicleLive to provide an update about the talks.
Meanwhile, the retail tycoon also owns a large stake in Goals Soccer Centres, which is suffering after a major accounting error.
The group has previously said that its VAT misdeclaration will impact its 2018 results but has now added that its 2019 figures will be “materially” lower than expected.
Goals added that it may not be able to complete its 2018 audit by its June 30 deadline.
So far the errors - which go back several years - is estimated to be valued at £12m. The company is in talks with HMRC to resolve the matter and establish a final value.
Shares in the firm will remain suspended until there is further clarity on its potential liability and 2018’s accounts are published.
