Sports Direct secures new, increased loan facility

Retailer Sports Direct said on Tuesday that it has entered into a new revolving credit facility which replaces its existing facility and is valid for four years, with an option to extend by a year.

The facility will provide it with access to borrowings of up to £907.5m. However, Sports Direct said that due to its ongoing high street elevation strategy, it is likely to look to increase the facility to around £1bn via an accordion arrangement.

In February of last year, Sports Direct said it had increased its revolving credit facility with banks to £788m following criticism over loans from owner Mike Ashley.

At 1530 GMT, the shares were down 1% to 387.30p.