The tycoon sold more than £110m of Sports Direct shares, then moved a majority stake in the company from his holding company Mash into a new entity called Mash Beta Limited. Sports Direct then announced on Friday that it had extended its control of Debenhams to 16.6pc of the department store after taking out a new option. However, Mr Ashley’s company said it “does not intend” to make a full offer for Debenhams.