Sports Direct has sold its stake in Debenhams - which it acquired on Monday - in return for a pledge to purchase shares in the future which could leave it with 6.6% of the department store.

The agreement, called a “put option”, means Sports Direct will purchase 6.6% of Debenhams once the department store chain’s share price falls to a certain level.

Debenhams said on Monday that it was remaining open minded about the sport’s retailer’s acquisition and would be willing to work together to raise its financial results.