Newcastle United owner Mike Ashley is planning to buy a stake in department store chain House of Fraser. Ashley is said to be buying out several House of Fraser shareholders with the aim of creating a strategic partnership between his founded company, Sports Direct Arena, and the department store. It’s thought that the proposed deal will be announced officially within the next couple of weeks. It would be one of three moves that Ashley has made in recent times in order to progress Sports Direct Arena upmarket. The Newcastle owner has already struck deals with Flannels and two of Sir Tom Hunter’s fashion retail chains. Ashley’s company bought a 51pc shareholding in Flannels, a retailer which stocks designer clothing from the likes of Burberry London, McQ Alexander McQueen and Roberto Cavalli. With regards to Sir Tom Hunter’s chains, Ashley acquired a 80pc share worth £7m in popular fashion brands Cruise and USC. Let’s hope Ashley sends some money Newcastle’s way soon too! What do you think of the owner’s possible deal?
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