Mike Ashley gambles again that Frasers’ stock will rise

Mr Ashley still holds about 70% of Frasers, formerly known as Sports Direct

The former CEO and founder of Frasers Group Plc pledged around 26 million shares, equivalent to roughly 5% of the company, to HSBC as security for derivatives bets he placed.

Retail tycoon Mike Ashley has ramped up bets that the stock price of his UK retail empire will rise, putting up about £196m (€222m) worth of shares as security on the gamble.

The former CEO and founder of Frasers Group Plc pledged around 26 million shares, equivalent to roughly 5% of the company, to HSBC as security for derivatives bets he placed, the company said Tuesday.