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Sports Direct faces scrutiny from regulators

Sports Direct is facing scrutiny from two regulators over its accounts and compliance with rules on inside information, it has been reported. 

The Financial Reporting Council has queried the retailer’s latest accounts in relation to its auditor Grant Thornton’s valuation of its stake in Debenhams, The Times reported

The Financial Conduct Authority has also raised concerns over its disclosure of information ahead of a possible bid for the department store chain last year. 

The value of owner Mike Ashley’s almost 30% stake in Debenhams was wiped out when it went into administration in April. He had made repeated attempts to buy the chain. 

Grant Thornton has held the audit contract for Debenhams since 2007.

Sports Direct has been contacted for comment. 

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