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Mike Ashley secures £50m personal overdraft

Sports Direct boss Mike Ashley has arranged a personal overdraft of £50m, it has been reported.

The borrowing was secured three months ago from HSBC and is being guaranteed by his main company Mash Holding, which owns more than half of Sports Direct, according to reports.

It comes as accounts for Mash Holdings show turnover increased to £3bn in 2014-15 but profits fell 25% to £409.8m, The Sunday Times reports.

Ashley did not take a dividend from Mash last year.

It is not clear what the overdraft will be used for but Ashley was one of the biggest fallers in this year’s Sunday Times Rich List, with his personal wealth valued at £2.43bn, down £1bn on the previous year.

The Sports Direct share price has fallen by more than 60% in the last year.

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