FILE PHOTO: Mike Ashley, founder and majority shareholder of sportwear retailer Sports Direct, arrives at the company's AGM, at the company's headquarters in Shirebrook, Britain, September 7, 2016. REUTERS/Darren Staples/File Photo

(Reuters) - Sports Direct said on Monday Debenhams rejected its offer to underwrite a 150 million pound rights issue in exchange for a CEO role for Mike Ashley and a pledge by lenders to write off 148 million pounds of debt.

Sports Direct, controlled by billionaire Ashley, said its preconditional possible offer for Debenhams at 5 pence in cash per ordinary share announced last month was still on the table.

Earlier in the day, Ashley had embarked on a last-ditch battle to take control of Debenhams, accusing board members of dishonesty, while offering to fund a rescue plan in return for the CEO’s job.