A team led by chief executive Patrick Rowland has emerged victorious in the race to take control of beleagured sports chain, Elvery Sports, beating challenges from British retailer Sports Direct, which is controlled by Mike Ashley, and Irish chain Heatons, in which Mr Ashley also has a stake.

The Mayo-headquartered chain was placed into examinership in February after being granted High Court protection from its creditors, including Nama, which is owed € 23 million.

The examiner, Simon Coyle of Mazars, today announced that the management team of Elverys, led by Patrick Rowland, has been approved as the preferred investor in the company, thus securing the future of the business and that of its 700 plus employees.

Mr Coyle’s next task will be to formulate proposals for a scheme of arrangement which must be presented to the creditors for approval, with a view to having those proposals sanctioned by the High Court to ensure the survival of the company as a going concern.

Elverys was originally tipped for a “pre-pack” receivership back in January, which would have seen it placed into receivership before being acquired by the company’s management team with the backing of investors brought to the deal by Dublin-based corporate finance house Capnua.

Subsequently however, Mr Ashley entered the fray.