Mike Ashley presents Sports Direct with 40 million pound loan

Billionaire Mike Ashley has financed Sports Direct's Christmas by giving the sportswear retailer a 40 million pounds loan to help the company purchase hoodies, jeans and tracksuit bottoms in time for the holiday season.

Ashley, who currently holds a 57 percent stake in Sports Direct, reportedly loaned the money to the company in October, a period when many high street retailers are pushed for cash to purchase stock for the upcoming Christmas season.

Rather than loan the money from a bank, the sportswear retailer turned to its largest shareholder for the cash because it was cheaper than asking its banks for the loan. According to the Times, the loan was made at market rates which means that Ashley may have made as much as 50,000 pounds interest.

Last week Sports Direct published its results for the 26 weeks to October 26, 2014, reporting a 6.5 percent increase in revenues to 1,432.9 million pounds compared to 1,345.1 million pounds during the same period a year before.