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Nike sells off Umbro for £140m Thursday, 25th October 2012
The deal is expected to reach completion by the close of 2012.
US-based Iconix also owns Madonna’s Material Girl range and rapper Jay-Z’s Rocawear.
"It is difficult to divest any business, but this action will enable us to focus on our highest-potential growth opportunities," Nike boss Mark Parker told the BBC.
"Umbro has a great heritage but, ultimately, as our category has evolved, we believe Nike football can serve the needs of footballers on and off the pitch."