Sports Direct International is to acquire a portfolio of 32 freehold and long leasehold properties from Michael Ashley, founder and a director of the London-listed sports retailer, for £87 mln (EUR 99 mln).

The transaction is subject to shareholder approval.

Sports Direct has traditionally traded from leasehold properties in the UK and most of the landlords are independent third-party institutions. But Sportsdirect.com Retail, a subsidiary of the company, trades from 32 premises where, directly or indirectly, the freehold or long leasehold interest is owned by Michael Ashley. Michael Ashley, a former county squash coach, is the executive deputy chairman of the group and a director of Sports Direct.

The proposed acquisition will be financed through the company's existing cash resources and banking facilities.