Newcastle United owner Mike Ashley 'buys Debenhams stake'

Newcastle United owner Mike Ashley has bought almost 56.8m shares in department store Debenhams.

Ashley's Sports Direct business has purchased almost 5% of the company, which is said to be worth around £46m.

"This acquisition of shares has taken place without the prior knowledge of the Debenhams board of directors," The Mirror quotes a Sports Direct statement as saying.

"But Sports Direct has communicated to Debenhams' board its desire to work together and its intention to be a supportive shareholder."

Ashley set up Sports Direct shortly after leaving school in 1982.