The football business has a history of helping investors to lose money. And now it seems that the shareholders in Nike have been hit hard by an investment that simply hasn't paid off.

Did management at Nike have their eye on the ball when they decided to acquire sports brand Umbro in 2007? The takeover cost Nike $580m and, at the time, Nike described the investment as follows:

"Nike said the deal would allow it to "significantly expand" its presence in "a key growth category" for the firm."

Fast forward five years to 2012 and Nike has decided that Umbro should no longer be part of its brand portfolio. Umbro has been sold for $225m. You can "do the math" - Nike shareholders have suffered a substantial loss on their investment. Shareholder value has been destroyed.

The comments from Nike about the reasons for the disposal of Umbro help explain the strategic thinking:

"It is difficult to divest any business, but this action will enable us to focus on our highest-potential growth opportunities," said Nike boss Mark Parker.

"Umbro has a great heritage but, ultimately, as our category has evolved, we believe Nike football can serve the needs of footballers on and off the pitch."

In other words, the Nike brand is much stronger in the football industry and Umbro had become a low growth (perhaps declining) brand.