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Mike Ashley's Frasers starts share buyback of up to 60 million pounds

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LONDON (Reuters) - Frasers Group, the British sportswear retailer controlled by Mike Ashley, will start a new share buyback programme of up to 60 million pounds ($83.3 million), it said on Tuesday.

The purpose of the programme is to reduce the share capital of the company.

Ashley owns 63.5% of Frasers' equity.

(Reporting by James Davey; editing by Jason Neely)