Ashley lifts Debs stake

SPORTS direct tycoon Mike Ashley has upped his stake in debenhams.

In a disclosure to the stock market, Sports direct said it now has a 29.9pc shareholding, up from 29.7pc, in the struggling department store group.

The Newcastle United owner, 54, is trying to seize control of debenhams.

Sports direct has created a template letter for debenhams shareholders to sign, which includes a ‘demand’ that Ashley is made chief executive of the department store.

debenhams could go into administration within days as part of a major restructuring plan that will see it fall into the hands of its lenders and wipe out Ashley’s shareholding.