Sports Direct has lost nearly £500m on a series of retail punts

The group partly sees its “strategic investments” as a tool to gain influence over the boards of companies it is interested in working more closely with. Although Sports Direct made money on these stakes in some cases, including rival JD Sports, it has lost close to £500m on a string of ill-starred punts.Iconix Brand Group (8.9% stake) The US-listed owner of 28 brands including Lee Cooper, Umbro and Pony has proved a big loser for Sports Direct. The share price has dived since February 2017...
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