The company was founded in 1910 by Emile Donnay (1885–1972) as a wooden tool handle manufacturing co-operative with six employees.

[4] The company began to diversify into other wooden products, including a bow for archers, which continues to be reflected in the Donnay bow-shaped logo.

[10] Buoyed by the success of signing up Björn Borg as a Donnay user, the company employed 600 people and manufactured around 1.5 million tennis rackets a year.

[11] In 1991 Tapie sold his 58 percent stake in the company to the Walloon government for $16.2 million in order to finance the acquisition of Adidas shares.

[12] The government sold the factory to an Italian sports equipment manufacturer, Carbon Valley, and retained the brand rights.

[13] In 1996, Sports Direct International acquired the worldwide rights to the Donnay brand from the Walloon government for $3.9 million.

[2] At the time of the acquisition, production was based in Portugal, while 23 people remained employed at a distribution centre in Couvin.

[15] Initially, Donnay sponsored Belgian tennis players, and due to the amateur nature of the sport at the time, was only allowed to provide rackets and balls, and a small fee.