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Home / Business / Sports Direct boss offers to submit to Debenham's chief executive job: Financial Times By Reuters

Sports Direct boss offers to submit to Debenham's chief executive job: Financial Times By Reuters



© Reuters. FILE PHOTO: New Debenham's department store in Watford

(Reuters) – Sports Direct (LON 🙂 chief Mike Ashley has offered to subscribe for a rights issue of £ 150 million ($ 196 million) at Debenhams at condition that he be appointed chief executive of the UK department store chain, the Financial Times reported on Saturday, referring to two sources.

The owner of the sportswear company also considers a £ 60m takeover for Debenhams this weekend, Sunday Times said in a separate report.

A formal offer is put together by him and would come up with conditions, said the Sunday Times, quoting a named source.

Debenhams secured £ 200m in new funds last week, but warned shareholders still face being eliminated unless it provides financial support from Sports Direct, which has a close-up share of 30%.

Debenhams said Sports Direct needed to either offer a good deal to the group, guarantee a right I ssue out of new stock, or provide debt financing if it would prevent Debenhams in the hands of their lenders.

In a letter to the Debenham board dated April 5, Sports Direct said it would be willing to draw the £ 1

50m group in cash if Ashley was named CEO, FT said.

Sports Direct was not immediately available for comment and Debenhams refused to comment.

Last year, Sports Direct bought the House of Fraser shopping mall out of administration, and it has attempted to break control of Debenham's for months to further increase its presence in the sector. [19659013] Disclaimer: Fusion Media will remind you that the data on this website is not necessarily real-time or accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by stock exchanges, but rather by market makers, and therefore prices cannot be accurate and may differ from actual market prices, meaning prices are indicative and not appropriate for trading. Therefore, Fusion Media has no responsibility for any loss of trade you may incur as a result of using this data.

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