DAVE Whelan, the founder of JJB Sports, has sold his 29 per cent holding in the sporting goods firm for £190m.
Mr Whelan, who still owns Wigan Athletic football club, sold 68.99 million shares at 275 pence each.
Icelandic financial group Exista and Chris Ronnie, a sports retailer who has previously worked at Umbro and Sports Direct, bought Mr Whelan's stake.
Mr Whelan, aged 70, is a former footballer with clubs including Blackburn Rovers, and he set up JJB in 1971. He has been made an honorary life president of JJB.
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