Sports Direct proposes 61.4 million pound possible offer for Debenhams

LONDON (Reuters) - Sports Direct, the British sportswear firm controlled by Mike Ashley, said its possible offer for Debenhams, values the ailing department store group at 61.4 million pounds .

The terms of the possible offer would be 5 pence a share in cash, Sports Direct said, adding it would also assist Debenhams in addressing its immediate funding requirements.

Sports Direct said its proposal is also conditional upon Debenhams immediately appointing Ashley as its chief executive and terminating the noteholder consent solicitation process it announced last week.

(Reporting by James Davey, editing by Louise Heavens)