Shirebrook-based Sports Direct considering £61.4 million offer for Debenhams

Sports Direct already owns a 30 per cent share in the struggling department store chain.

But the retail giant has now said it is considering putting forward a proposal that it would offer 5p in cash per share for Debenhams, which would be a total value of approximately £61.4 million.

In addition, Sports Direct said the possible offer would also help Debenhams address its immediate funding issues.

However, the offer would be conditional on Mike Ashley being appointed as CEO of the company, Sports Direct said.

Debenhams have so far not responded to the offer, but said yesterday: "Any firm proposal from Sports Direct regarding an offer for the company will be given due consideration by the board.

"Given the timetable associated with any public offer, an offer for the company would not, in itself, address Debenhams' immediate funding requirement.

"Therefore, the company will continue with its plan to obtain the funding required, as outlined in Debenhams' statement of 22 March 2019."