In the statement Sports Direct said shareholders are “sick and tired of being ignored, cast aside and trampled underfoot by the lenders of Debenhams.”
The statement accused the board of Debenhams of “incompetence, or worse collusion” – conspiring with lenders to cook-up a plan to take shareholders out.
Chris Wootton, Deputy CFO of Sports Direct said, “we will leave no stone unturned in pursuing those responsible for this long planned theft”.
It’s strong stuff but sounds a little like a howl of defeat.
Even if Ashley were to succeed in hoovering up all of Debenhams shares, he’s not proposing to pay-off the company’s lenders.
Their debt (in the form of bonds and loans) gives them significant power.
They could push the company into administration if Ashley seizes control.
Either way he gets wiped out.