Sports Direct founder Mike Ashley has sold the 4.6% stake he bought in Debenhams last month, and taken a complex financial option over a further stake that bets the shares will not fall below a certain level.
Debenhams and Sports Direct, controlled by Ashley, began working together earlier this year, with the department store trialling Sports Direct concessions in its shops.
Today the sports retailer said it had taken a so-called put option over a 6.1% stake, to add to an earlier option of 6.6%. The move means Sports Direct ha sa total interest in 12.7% of the equity in the department store.
The strike price of the option has not been disclosed.
Ashley has bought a string of stakes in retailers and other companies in recent months, including a similar bet on Tesco shares.
Shares in Debenhams have risen by about 11% based on the closing prices on the days Ashley bought and sold his latest stake.
