Sports Direct has revealed that it may make a £61.4 million all cash offer for the struggling Debenhams department store chain. Already owning nearly 30% of Debenhams, the company said it would also assist the retailer in addressing its immediate funding requirements.
The offer would be dependent on Debenhams appointing Sports Direct head Mike Ashley as its chief executive. In addition, Debenhams would need to agree not to enter into any third party funding arrangements, grant any new security over any of its assets, or enter into any administration, CVA or other insolvency process.
