Mike Ashley's Frasers leads race to buy Harvey Nichols, Sky News reports

Aug 7 (Reuters) - Billionaire Mike Ashley's Frasers Group is the frontrunner to buy British department store chain Harvey Nichols, Sky News reported on Friday.

A transaction, the latest in a string of high-street acquisitions by Ashley, is expected to be completed early next week, the report said.

Here are some details:

• Harvey Nichols declined to comment on the report. Frasers did not immediately respond to a Reuters request for comment. Reuters could not independently verify the report.

• A deal would end 35 years of Harvey Nichols' ownership by Hong Kong businessman Sir Dickson Poon.

• It remained possible until Friday afternoon that Harvey Nichols' rival bidder Next could yet sweeten its bid, the report said.

• Earlier this week, Ashley told the Financial Times that Harvey Nichols is in a "death spiral" and turning around the luxury department store chain would be a "huge challenge".

• Ashley, in the FT interview, said he expected Harvey Nichols to be sold for less than £40 million.

• Sky News had reported in July that British private equity firm Modella Capital was also among the parties interested in acquiring the British department store chain.

(Reporting by Sri Hari N S in Bengaluru; Editing by Shilpi Majumdar)