Sports Direct offered to give Debenhams a 150m cash injection over the weekend as Mike Ashley made a last-ditch attempt to take control of the embattled retailer and prevent it from entering a pre-pack administration.
On Friday night the retail tycoon sent a letter to the board of Debenhams offering to underwrite 150m of new equity funding on the condition that he is made chief executive, ramping up a takeover battle ahead of a deadline tomorrow afternoon when the firm hands ownership to the lenders.
The move comes days after Debenhams secured a 200m refinancing deal with lenders which would mean shareholders including Ashley, who owns nearly 30 per cent of the business, could see the value of their holdings wiped.
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