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Bloomberg
Mike Ashley, the founder of the Sports Direct sportswear chain, is prepared to offer a 50 million-pound ($66.5 million) loan to Philip Green’s Arcadia Group, which is teetering on the brink of administration, Sky News reported.
The board of Frasers Group Plc, run by Ashley, has drawn up plans for an emergency loan to Arcadia, Sky reported, citing Chris Wootton, Frasers’ chief financial officer.
“We hope that Sir Philip Green and the Arcadia Group will contact us today to discuss how we can support them and help save as many jobs as possible,†Wootton told Sky.