Sports Direct owner Mike Ashley has accused the board of Debenhams of, “a sustained programme of falsehoods and denials.”
Ashley suggested the directors take a lie detector test, he also called for an investigation and the company shares to be suspended.
Ashley offered £150m to save the troubled retailer, and for him to be appointed chief executive, the store chain has not yet responded.
Should Ashley’s bid be turned down the company will go into administration this week.
Last month Ashley hit out at Debenhams after his takeover offer was snubbed, he stands to lose his 30% stake.
The business tycoon said in a statement last month, “Now the results of the vote are known and we have also been subsequently advised that the supportive HSBC are no longer part of Debenhams’ revolving credit facility, I think that, if there were any justice in the world, the majority of the advisers would be put in prison.”
Laith Khalaf, senior analyst at Hargreaves Lansdown, said: “In theory a deal could be struck, but relations seem far from cordial, and the Debenhams management look set on giving the lenders control of the high street chain.
“Mike Ashley’s methods may be unorthodox, to say the least, but the Debenhams board needs to make sure it gives Sports Direct’s offer proper consideration.
“The job isn’t an easy one, but they need to balance the interests of shareholders, lenders and employees.
“So far they haven’t given a great deal of detail as to why Sports Direct’s proposals have been kicked to the kerb, while lenders have been handed the keys to the company.”