Sportswear companies are possibly as disappointed as fans at the England national football team's failure to qualify for the Euro 2008 football championships. The team needed a draw against Croatia on November 21 to get through to the finals, but the game ended 3-2 to Croatia, dumping England out of the competition.

Firms such as JJB and Umbro – which generates almost half its revenues from the England kit – are now worried that shirt sales will be dramatically reduced and share prices for both companies have already fallen.

Mike Ashley's Sports Direct, which owns almost 30 per cent of Umbro's shares, has also seen a significant drop in share price since England lost the qualifier.

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