Sports Direct unveils plans to buy £15m of Debenhams shares back off investors 

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Mike Ashley rages at Debenhams as Sports Direct unveils plans to buy £15m of shares back off investors

By City & Finance Reporter for the Daily Mail

Published: | Updated:

Mike Ashley’s firm Sports Direct said it will purchase 5m of its own shares in a bid to boost its market value

Mike Ashley launched a fresh attack on Debenhams as his firm Sports Direct unveiled plans to buy £15million of shares back off investors.

Just days after failing to seize control of Debenhams, Sports Direct said it will purchase 5m of its own shares in a bid to boost its market value.

The company said the buyback was to thank shareholders after the tussle over Debenhams.

The department store crashed into administration and was taken over by its lenders this week in a humiliating setback for Ashley, 54, who had seen numerous rescue attempts rejected.

It rendered his 29.9 per cent stake in the store, once valued at £150million, worthless.

A Sports Direct spokesman said: ‘Our understanding of the importance of our shareholders and our actions towards them are in complete contrast to the actions of the board of Debenhams, past and present.’

Sports Direct shares rose 4.5 per cent, or 12.8p, to 298p.

 

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