Umbro, the company which makes the sports kit for the England soccer team as well as for six of the UK Premier League clubs, has today agreed to a takeover by Nike in a Â£285 million deal.
Last month Umbro announced that sales of England shirts had been disappointing. The England soccer team are currently in the middle of the qualifying stages for the European Championship. Failure to qualify aside from disappointing England fans could also lead to a drop in sales of England shirts.
Speculation had been rising that Nike would attempt a takeover. As a response last week JJB Sports bought a 10.1% stake in Umbro shares. Sports Direct already owns a 15% share of the company.
Under the proposed deal Umbro shareholders are set to receive 193.06p per share.