Sports Direct chief executive Mike Ashley has offered to underwrite a 150 millio...
FILE PHOTO: Mike Ashley, founder and majority shareholder of sportwear retailer Sports Direct, arrives at the company's AGM, at the company's headquarters in Shirebrook, Britain, September 7, 2016. REUTERS/Darren Staples/File Photo
Debenhams secured 200 million pounds in new funds last week but warned shareholders that it still faced being wiped out unless it secured financial support from Sports Direct, which holds a near 30 percent stake. In a letter to the Debenhams board dated April 5, Sports Direct said it would be willing to underwrite 150 million pounds in cash if Ashley was appointed as Debenhams’ new chief executive, the FT said.
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