Mike Ashley’s Sports Direct International Plc said late on Friday it is in advanced negotiations to sell its HQ buildings at Shirebrook near Mansfield for £120 million.

In a stock exchange statement, the company said: “Sports Direct announces that it is, through its wholly owned subsidiary Sportsdirect.com Retail Limited, in advanced negotiations to dispose of the freehold property of Units A, B, C, D and F Brook Park East, Shirebrook, NG20 8RY to KWAA Logix Sportivo Limited for a cash consideration of £120,050,000.

“Sports Direct will on completion, take a 15 year lease of the property and intends to continue to operate the property as a distribution centre, offices and retail.

“The company intends to use the proceeds of sale towards the working capital of the cmpany and its group operations.”