March 13, 2019 / 6:57 PM / 12 days ago

Sports Direct proposes alternative loan deal to Debenhams

March 13 (Reuters) - Sports Direct said on Wednesday it has made an alternative loan proposal to Debenhams, just as the department store chain was on the brink of securing funds to fend off Mike Ashley’s bid to take charge of the company.

Mike Ashley, the founder and majority shareholder of Sports Direct, is trying to take charge of Debenhams by seeking to remove most of the board and install himself in an executive role. Sport Direct owns nearly 30 percent of Debenhams.

Debenehams rejected complaints from Sports Direct about its disclosure to the market before it warned on its profit earlier this month. (Reporting by Justin George Varghese in Bengaluru and Paul Sandle in London; Editing by Elaine Hardcastle)

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