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Sports Direct pushes for founder's appointment to Debenhams board

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Sports Direct pushes for founder's appointment to Debenhams board

Sports Direct International PLC said March 21 that it requested a general meeting of Debenhams PLC for the appointment of its founder and CEO, Mike Ashley, to the department store operator's board.

The sporting goods retailer, which owns around 29.93% of Debenhams, also wants to have all of Debenhams' board members removed except for Rachel Osborne, who became a director in September 2018.

The development comes after the board of the struggling retail chain said it will "give careful consideration" to Sports Direct's offer of an unsecured loan of up to £150 million in exchange for a 5% stake in the company and the appointment of Ashley.

Sports Direct earlier said it will seek to buy the department store operator if it enters administration. It wants Debenhams shareholders to vote on the board appointments "as soon as possible."

A Debenhams spokesperson declined to comment on the matter.