Nike sells Umbro for £140 million

Football kit-maker Umbro has been sold by its owner Nike to an American clothing giant for 225 million US dollars (£140 million).

Cheadle-based Umbro, which was taken private by Nike in a £285 million takeover in 2007, will be sold to Iconix Brand Group, the owner of Madonna's Material Girl label and rapper Jay-Z's Rocawear.
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