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.
Most watched Money videos
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- Paul McCartney's psychedelic Wings 1972 double-decker tour bus
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- German car giant BMW has released the X2 and it has gone electric!
- MG unveils new MG3 - Britain's cheapest full-hybrid car
- Iconic Dodge Charger goes electric as company unveils its Daytona
- Steve McQueen featured driving famous stunt car in 'The Hunter'
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- Mini unveil an electrified version of their popular Countryman
- BMW meets Swarovski and releases BMW i7 Crystal Headlights Iconic Glow
- How to invest to beat tax raids and make more of your money
- How to invest for income and growth: SAINTS' James Dow
- BHP swoops on rival Anglo American in £31bn mining megadeal
- MARKET REPORT: Reckitt cleans up but Footsie gives up gains
- Tory windfall tax war 'is killing off North Sea oil'......
- Investors to vote on plans to double London Stock...
- Mini's electric ace up its sleeve: New Aceman EV has a...
- 'It's unprecedented': Amazon hits back at CMA focus on...
- Is there a risk that inflation falls below 2% and then...
- Meta announces it is to plough billions into artificial...
- Car insurers to make pay monthly cheaper and fairer after...
- Barclays profits hit by subdued mortgage lending and...
- Unilever sales jump as consumer giant eases price hikes
- BUSINESS LIVE: Barclays profits slip; Sainsbury's ups...
- Schroders boss Peter Harrison to retire in 2025 after...
- Windfall tax is driving UK oil and gas producers to...
- Lloyds cheers green shoots in housing market - but takes...
- Warpaint London shares continue meteoric rise as profits...
- Ten stocks to invest in NOW to profit from Rishi's...
- Sainsbury's enjoys food sales boost months after...