The Newcastle United owner has held meetings with the store’s suppliers in the last fortnight with a view to buying the struggling firm, Sky News reports.
HMV Retail was plunged into administration – for the second time in six years – just three days after Christmas.
Flamboyant billionaire Ashley, famed for his heavy drinking and shrewd business sense, bought House of Frasers and Evans Cycles in similar rescue deals in the last six months.
He was one of several parties to lodge formal offers for HMV ahead of a deadline on January 15, the report says.
According to Sky News, it is unclear whether Ashley made the bid through his Sports Direct International or another corporate entity.
While high street mogul Ashley is examining a multitude of potential bids for other struggling retailer, he is said to be “serious” about buying HMV.
He believes music and other entertainment products could be a valuable addition to his empire.
His Sports Direct chain is one of only a few businesses which has thrived in recent years following the emergence of online retail giants such as Amazon.
The Staffordshire businessman has an estimated net worth of around £2.3 billion.
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