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Newcastle United owner Mike Ashley 'buys Debenhams stake'

Newcastle United owner Mike Ashley purchases a 4.6% stake in department store Debenhams.

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.

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A general view shows the pitch and stands inside of St James' Park the home of English Premier League football team Newcastle United taken on December 3, 2011
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