Former Next and JJB Sports boss David Jones has appeared in Leeds Crown Court to deny three counts of fraud.
Jones denied two counts of making a misleading statement, contrary to the Financial Services and Markets Act, and one count of using a false instrument, contrary to the Forgery and Counterfeiting Act.
The charges relate to a period between July and October 2009 when he worked at JJB Sports.
According to The Telegraph the allegations are understood to relate to a £1.5m loan made to Jones by Sports Direct founder Mike Ashley, and a separate loan from JJB founder Dave Whelan.
Jones was chief executive of Next in 1988 before becoming chairman in 2001. He was also executive chairman of JJB but stepped down from his role in 2010 due to health problems.
He will stand trial for the counts next year.