Sports Direct founder Mike Ashley is understood to be facing an investigation over loans he may have secured from the now collapsed Icelandic bank Kaupthing.
Reports suggest that Ashley could be dragged into a probe by the Serious Fraud Office (SFO) into Kaupthing.
Ashley was a depositor in some of Iceland’s banks, and the SFO is understood to have plans to look into whether he also took out loans.
It may also look at whether Chris Ronnie, who was formerly chief executive of rival JJB, indirectly received some of the loans.
Sports Direct is also being investigated by the SFO alongside separate investigations by the Office of Fair Trading and the Competition Commission.
The SFO is also looking into other loans from the bank including those to property tycoon Robert Tchenguiz, who borrowed £1.25 billion to buy stakes in businesses including Sainsbury’s.