Mike Ashley’s Sports Direct has threatened legal action against the administrators of Debenhams and the department store group’s directors after the chain’s pre-pack administration wiped out his equity stake in the business.
Sports Direct, which owned a near-30 per cent holding in Debenhams and has been battling to control its future, is believed to have lost about £150m after the lenders took control on Tuesday.
Yesterday Sports Direct warned FTI Consulting that it reserved its rights to apply to court to have the company removed as administrator.
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