Ashley faces losses after City gamble fails to pay off
25 March 2008 09:11
Billionaire retail entrepreneur Mike Ashley has lost millions of pounds on a share bet on Halifax Bank of Scotland, it was reported today.
The Sports Direct owner placed a succession of bets late last year with spread betting firm IG Index that HBOS's share price would rise in the early part of 2008, according to the Daily Telegraph. However, the UK's biggest mortgage lender's stock has instead fallen by more than a third since the beginning of January - a slump said to have left the tycoon nursing losses running into tens of millions of pounds.
Mr Ashley gained £929 million in a single day from floating part of his sportswear chain in February last year. The reported losses contrast with the profitable investments he has made in rivals such as Umbro and Adidas.
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