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Mike Ashley seeks rent negotiations

Mike Ashley is reportedly asking landlords to agree to turnover rents across his entire estate, whereby up to 15% of fees would be linked to in-store sales.

Rumours claim it would apply to all new Sports Direct, House of Fraser and Flannels store openings, and those where leases are being renewed.

If approved, new rent deals would be negotiated so that up to 15% would be calculated by in-store sales, The Times reported.

It comes after Mike Ashley’s investment firm, Mash Holdings, announced its pre-tax profits fell by 80% to £20.87m for the year to 29 April 2018.

Drapers has contacted Sports Direct for comment.

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