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Sports Direct to stop borrowing from Mike Ashley

Sports Direct has said it will increase its borrowing through revolving credit facilities with banks and stop using money loaned by founder Mike Ashley.

Sports Direct

Sports Direct

Sports Direct

The retailer said that following “unjustified criticism”, its borrowing costs would rise because it will not use money from the loan facility funded by Ashley’s holding company for the “foreseeable future”.

The firm said it was “in the best interests of the group and its shareholders to avoid further criticism at this time”.

Sports Direct said the interest payable on the revolving credit facility increases if the firm borrows more than £263m.

Previously, when the firm exceeded that threshold, it used a £250m loan facility from Ashley where fees were 50% lower.

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