Mike Ashley can’t be surprised by the fall of Debenhams. After all, he foresaw the beleaguered retailer’s fate as long as five months ago. In December he declared that the department store chain had “zero chance of survival” and blasted the board for failing to realise that “time was not on their side”.

“Mystic Mike” should have heeded his own prophesies. Instead the sportswear billionaire left it far too late to tighten his grip on Debenhams. Now time has run out.

The 206-year-old department store finally tipped into administration on Tuesday in a pre-pack deal that hands control to a group of hedge funds and banks and wipes out shareholders, including retail investors who recently, mistakenly, bought into the titillation of takeover interest from Ashley.

The power struggle over the last few months has brought a blizzard of erratic pronouncements from Sports Direct. One day the tycoon offers financial support and claims he has attempted to be constructive. The next he calls for Debenhams’ advisers to be thrown into prison, demands lie-detector tests and threatens legal action.

It’s been a good old-fashioned shoot-out, but “Ten-Gallon Mike’s” scattergun approach has left him on the losing side. Rather than go on the offensive with Debenhams’ board, he should have focused on the lenders.