Sports Direct's biggest independent investor Standard Life Plc has sold its entire 5.8% holding in the sports retailer, The Guardian reported Aug. 3.
British insurance company Aviva Plc also sold its stake in the company, the news publication said.
According to the report, investors have expressed concerns about the dominance of the CEO, Mike Ashley, excessive pay rewards and poor treatment of employees.
The future of Sports Direct Chairman Keith Hellawell is also uncertain, The Guardian reported, following his vow to step down if most of the minority shareholders did not support his re-election.
"We are concerned about the direction of travel at the firm and what will happen next," one of the fund management companies told The Guardian.