Dick’s Sporting Goods wins bidding war

Dick’s Sporting Goods was the victor on Thursday at the bankruptcy auction for former rival Sports Authority Holdings.



Dick’s bid $15 million for the brand name and other intellectual property, beating British-based Sports Direct International PLC’s $13 million bid, according to the Wall Street Journal.



Dick’s also had the winning bid at the auction for 31 Sports Authority store leases, for an additional $8 million, the report said.



The winning bids are subject to the approval of the U.S. Bankruptcy Court.



Sports Authority filed Chapter 11 bankruptcy protection in March with more than $1 billion in debt.