Mike Ashley snaps up London development site
Sports Direct chief Mike Ashley has acquired a development site near the King's Road, London, for around £200m from John Lewis.
Known as The Clearings, the site, which has planning permission for seven houses and 62 flats, is set to be worth around £900m once completed.
According to the Sunday Times, the deal was finalised on Friday night and was funded by Ashley's company, MASH Holdings.
The newspaper said it understood that Newcastle United owner is open to the possibility to creating new businesses partnerships.
The site is currently also home to a primary school and because of the need to move it to a temporary location while a new school is built, building work is not expected to start until 2017.
Kensington and Chelsea council is said to have granted approval of the deal.