JD Sports set to concede to watchdog in Footasylum battle
JD Sports is on the cusp of relinquishing ownership of Footasylum following a protracted battle with the Competition Markets Authority (CMA) regarding the proposed rival takeover.
JD Sports’ £90m acquisition of Footasylum has been under investigation by the CMA since the deal was first announced in March 2019.
After a decision from the watchdog, JD was instructed to sell the smaller company in November. The CMA decided the takeover could slash competition and result in a worse deal for Footasylum customers.
Peter Cowgill, executive chairman of JD Sports called the CMA’s decision “inexplicable” at the time.
However, the deadline for the retailer to appeal the decision to the Competition Appeal Tribunal passed earlier this month.
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