Sports Direct has increased its credit facility to more than £900m to help fund founder Mike Ashley’s vision to become ‘the Selfridges of sport’.

The retailer said the deal would provide it with access to borrowings of up to £907.5m.

However, Sports Direct added that it was “likely” to seek to increase the facility to £1bn.

The revolving credit facility – which is valid for four years – will replace Sports Direct’s existing agreement, which allows it to borrow up to £788m.

As previously reported by Retail Week, Sports Direct increased the facility last February following what it called “unjustified criticism” over loans from owner Ashley.

The retailer warned at the time that its borrowing costs would rise because it would not be drawing down from a loan facility provided by Ashley and his investment vehicle Mash Holdings for “the foreseeable future.”