Sports Direct said it has offered Debenhams a £150m interest-free loan in another dramatic twist in the tussle between sportswear magnate Mike Ashley and the department store group.
The proposal, revealed on Wednesday evening, is conditional on billionaire Ashley taking the chief executive role at Debenhams. The department store group would then issue 5% of its share capital to Sports Direct.
If the share issue – which would take Sports Direct’s holding to 35% – were approved, the loan would be interest-free, otherwise it would bear 3%.
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