Sports Directs takes 4.6pc stake in Debenhams The company said: "Sports Direct wishes to explore options at an operational level to work together with Debenhams to create value in the interests of both Sports Direct's and Debenhams" shareholders. "This acquisition of shares has taken place without the prior knowledge of the Debenhams board of directors, but Sports Direct has communicated to Debenhams" board its desire to work together and its intention to be a supportive shareholder." Debenhams noted the purchase and Sport Direct's intention to be a "supporting shareholder," adding: "Debenhams is openminded with regard to exploring operational opportunities to improve its performance, alongside its own existing and planned initiatives, in order to create value for all Debenhams shareholder." Shares in Debenhams, which have fallen 28pc since the announcement, rose 4pc in early trading on Monday. Sports Direct shares dipped 0.13pc to 755.5p. Mr Ashley controls more than 60pc of Sport Direct and serves as executive deputy chairman of the company which entered the FTSE 100 last year. In the past he has bought shares in Sport Direct's rivals, such as JJB Sports, and suppliers such as Adidas and Umbro. Analysts at Oriel said: "Sports Direct has been interested in House of Fraser in the past and Debenhams lowly rating has encouraging it to take a 4pc stake there. However using Debs as a solution to the click-and-collect problem is an expensive way of doing it. We do not think a full bid would be taken well by Sports Direct shareholders.