October 31, 2018 / 3:41 PM / 15 days ago

Sports Direct paid $10 mln for Evans Cycles purchase

Oct 31 (Reuters) - Sports Direct, the sportswear group controlled by billionaire Mike Ashley, said on Wednesday it had paid 8 million pounds ($10.2 million) to buy Evans Cycles after it fell into administration.

Sports Direct, which plans to keep half of Evans’ 62 stores open, also said about 2 million pounds of the acquisition price was used to fund Evans Cycles’ October payroll. ($1 = 0.7809 pounds) (Reporting by Noor Zainab Hussain in Bengaluru Editing by Sai Sachin Ravikumar)

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