Mike Ashley, the retail tycoon, last night set in motion a plan to leave Sports Direct and take charge of Debenhams in a surprise attack on the struggling department store chain.
Ashley, 54, who owns 29.7 per cent of Debenhams and is its largest shareholder, wants to install himself on the board and has called for the removal of all but one of its directors.
He said he will step down from running Sports Direct, a role he has held since 1982, if successful.
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