Mike Ashley-owned retailer Sports Direct has raised its bet on Debenhams again, taking its interest in the department store retailer to more than 11%.
Sports Direct has a put-option deal with Goldman Sachs relating to a 10.5% position in Debenhams, which was extended for a second year last May.
The put option is a bet that Debenhams’ share price will rally, giving the owner the right to sell the shares at a prearranged fixed price.
If the share price were to rise above the agreed exercise price then Sports Direct would receive the premium, resulting in a likely profit for the billionaire tycoon.
Sports Direct already has a 9% stake in rival department store House of Fraser, and bagged an 11% stake in the beleaguered French Connection last month.