Mike Ashley targets Sports Direct exit to run Debenhams

Mike Ashley has outlined plans to exit Sports Direct and take the helm at struggling Debenhams, in a move set to stun the City.The retail tycoon, who has a 30% holding in Debenhams and was recently instrumental in getting its chief executive removed from the board, laid out his intentions in a statement after financial markets had closed for the day.The release said Sports Direct had "requisitioned a general meeting of Debenhams" to appoint Mr Ashley to the board of directors.