Sports Direct has admitted for the first time that it would seek to acquire Debenhams if the department store chain fell into administration, although it still hoped to avoid that outcome.
Chris Wootton, who has been lined up to replace Mike Ashley as chief executive of Sports Direct should the founder step aside to run Debenhams, told the Financial Times that while administration was “not the outcome we want”, it was a distinct possibility.
Sports Direct is the biggest shareholder in the department store group, with a 29% stake. It has informed Debenhams in writing that it considers itself the most logical and best-placed acquirer if it did enter administration.
