Sports Direct founder Mike Ashley ups his stake in Debenhams to 12.7%
Bets: Sports Direct founder Mike Ashley
Sports Direct founder Mike Ashley has increased his interest in rival retailer Debenhams.
The billionaire, who controls Newcastle United football club, originally took a stake in the troubled department store chain, with a view to putting Sports Direct concessions within Debenhams.
Sports Direct’s exposure to Debenhams has now increased to 12.7 per cent from 11.22 per cent.
In January the firm said: ‘Sports Direct wishes to explore options at an operational level to work together with Debenhams and is looking forward to meeting with Debenhams’ senior management team in the near future.’
Sports Direct has sold the 4.6 per cent stake it bought in Debenhams last month and taken an option over a further stake that bets the shares will not fall below a certain level.
On Thursday the sports retailer said it had taken a so-called ‘put option’ over a 6.1 per cent stake, to add to an earlier option of 6.6 per cent.
The move means Sports Direct has a total interest in 12.7 per cent of the equity in the department store. The strike price of the option has not been disclosed.
In September Ashley took a £43million punt on troubled Tesco. Debenhams shares rose 2.3p to 66.6p.
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