US trio Skadden Arps Slate Meagher & Flom, Blank Rome and White & Case have advised on a deal that will see Nike sell iconic English sports brand Umbro to US clothing company Iconix Brand Group for £140m.

The deal, which is expected to be completed before the end of the calendar year, comes five years after Nike paid £285m to Umbro shareholders to take control of the kit-maker.