By Ali Lyon Sports Direct owner Frasers Group has bought online bike store Wiggle out of administration, betting that demand for bikes will eventually recover. The purchase by the Mike Ashley-owned retail giant, which has a long track record or buying distressed high street and online brands, will see Wiggle join a growing cycling portfolio at Frasers, which currently includes Evans Cycles and Probikekit. According to The Sunday Times, the buyout, which is said to have been for less than £10m, included the brand and intellectual property of Wiggle and Chain Reaction Cycles, after the two platf…