Mar 13, 2019

Mike Ashley refers Debenhams board to regulator over profit warning

Mike Ashley's Sports Direct has fired more shots in its ongoing battle with the board of Debenhams. Sports Direct, a major Debenhams shareholder, is trying to remove all but one of the board members. The sports retail chain complained in a letter that a Debenhams market update given before a profit warning in March was "At best impossibly optimistic or at worst deliberately misleading". Mike Ashley had offered to make a £40m loan in return for an extra 10% stake in the company, giving Sports Direct a controlling stake - it currently owns 28.7% of Debenhams. In return, Sports Direct wants to be issued with about 5% of new shares and Mike Ashley be made a director and chief executive of Debenhams.

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