Mike Ashley’s Sports Direct swoops on MySale stock

Mike Ashley’s Sports Direct yesterday snapped up a 4.8 per cent stake in online fashion site MySale just a day after a pricing error caused shares to tank on its stock market debut.

MySale plunged 27 per cent on Tuesday after the share price was listed as 2.26p instead of 226p, leading trading programmes to assume a 99 per cent fall in the price and sell the stock. But last night Sports Direct said: “The group believes that MySale is ideally suited to help realise Sports Direct’s multi-channel potential in Australasia and Asia.” Ashley has a habit of contrarian investing. He took a stake in House of Fraser days before a takeover by Sanpower.