Goldman Sachs to sell 16 million shares in Sports Direct International-Reuters

(Reuters) – Goldman Sachs International said on Wednesday it would sell up to 16 million shares in Sports Direct International (SPD.L: Quote, Profile, Research, Stock Buzz) acquired from the retailer’s founder and deputy chairman Mike Ashley.

The bank said it would sell the shares to institutional investors, with bookbuilding starting immediately.

Ashley is the largest shareholder in Sports Direct, owning 385.4 million shares or 64.4 percent of the capitalization, according to Thomson Reuters data which cites a July filing.