Mike Ashley has made another attempt to install himself as Debenhams chief executive, with Sports Direct making a £100m offer for the department store chain's Danish business.
In a statement Sports Direct said it would purchase the business, which was put up for sale last year, for £100m, "in order to assist Debenhams with its short term liquidity requirements".
The Sports Direct founder would snap up Magasin Du Nord on the condition that he becomes the struggling chain's chief executive.
"It is proposed that Mr Mike Ashley would become a director and the CEO of Debenhams to assist Debenhams through its restructuring process," a Sports Direct statement read.
"Sport Direct believes its proposal would provide additional management and first class leadership to Debenhams through this challenging period of restructuring, together with additional funding," it concluded.
Ashley would also allow Debenhams to buy Magasin Du Nord back at the price it was sold within a 12-month period, while also gaining any uplift or profit were it sold to a third party within that period.
Debenhams asked shareholders to green light a £200m loan from lenders earlier today in a deal that could wipe out shareholders' equity.
That sent the retailer's share price crashing as much as 58 per cent to 1.24p, before trimming losses to stand 35 per cent down as Ashley launched his latest bid to take control of the company.
The Sports Direct billionaire hopes to clear out the entire board apart from CFO Rachel Osborne and install himself in charge.
But a £150m loan offer that would make him the retailer's new boss was topped by Debenhams's new proposed £200m deal.